U.S. OIL PRODUCTION HITS 30 YEAR LOW

The American Petroleum Institute reports U.S. crude oil production in May dropped to its lowest level in more than 30 years. Production was 7.055 million b/d, down 3.9% from 7.339 million b/d in May a year ago, and the lowest monthly average since 1961. Two thirds of the year to year drop was due to an 11% decline in Alaskan production related in part to scheduled maintenance. Lower 48 production dropped by about 90,000 b/d from a year ago.

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