IPAA: 1991 DESTINED TO BE SIXTH YEAR OF DECLINING U,S, OIL PRODUCTION

10/29/1990
The U.S. is headed for its sixth straight year of oil production declines. The Independent Petroleum Association of America's supply/demand committee forecasts 1991 crude oil production of 7.043 million b/d, down 2.5% from the expected 1990 average. Natural gas liquids production will rise slightly more than 1% to stand at 1.526 million b/d in 1991, yielding a decline of a little less than 2% to 8.569 million b/d in total liquids production. Domestic demand meantime will inch up to 16.968 million b/d, leaving an 8.474 million b/d gap in consumption and stocks to be filled by imports of crude oil and petroleum products. At that leve...
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