US Production slide continues

May 24, 1999 02:00 AM

Crude oil production in the United States continued its long, dramatic decline through April when 5.89 mm bpd were extracted, 6.9 % less than April a year ago.
Alaska's production of 1.089 mm bpd represented a 9.9 % drop compared to April '98, the American Petroleum Institute has reported.
Since the start of 1999, domestic crude oil production has dropped a full 7 %, the second time that has happened over a four-month period in 25 years, said API.
Even though crude oil prices have risen, especially in the last two months, wellhead prices that producers receive averaged only $ 14 per barrel, still below 1997 levels. Oil industry employment remained weak, with a total of 55,500 U.S. jobs lost since the end of '97.
And April's rig count averaged 125, up slightly from March, but still down to less than half the number of a year ago.
Crude oil imports of 8.628 mm bpd were up 1.2 % above April '98. Crude oil inventories at 334.3 mm barrels were down 4.8 % from a year ago and 8 mm barrels less than the end of March.

Source: Iinoil
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