U.S. crude oil output declines 8% in first half

The American Petroleum Institute reports that, although oil prices have doubled for U.S. producers since the low of $8/bbl last December, the industry`s recovery from economic depression has been slow.It said that, despite the fact that New York Mercantile Exchange crude oil prices have been hovering at $20/bbl, the highest in 11/2 years, most rigs are searching for natural gas rather than oil. API said U.S. production fell 5.5% in June to 5.922 million b/d vs. June 1998. For the first 6 months of 1999, it was 8% lower than a year ago. API said this year`s first-half production was the lowest of any 6-month period since 1950.U.S. oil imports were 8.532 million b/d in June, down 3% from a ...

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.


Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected