US crude oil production fell 5.6% during 1999

The American Petroleum Institute has reported that US oil production slid 5.6% to 5.902 million b/d in 1999, the largest annual decline in a decade. Much of the decline came in Alaska, where production averaged just over 1 million b/d, down 10.7% from 1998.US crude and product inventories plunged 12.7% during the year, or more than 136 million bbl, to 939.2 million bbl by the end of 1999. API said Organization of Petroleum Exporting Countries' production cuts, the resulting higher crude prices, fewer imports, and tighter global markets caused stocks to drop. Crude oil inventories were down 9.3% at 293.3 million bbl in December 1999, compared to the same month in 1998.Total US oil and ...

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