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

07/26/1999
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 ...
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