First half 1992 U.S. oil production slid to its lowest point in 30 years, the American Petroleum Institute reports.
Production averaged only 7.236 million b/d, down 3.3% from 7.485 million b/d in the same period a year ago and the lowest level since 1961. Of the 250,000 b/d drop, two-thirds occurred in the Lower 48 and the rest in Alaska's Prudhoe Bay field.
Because of sluggish demand and some temporary market factors, oil imports were virtually unchanged from the same period a year ago at 7.5 million b/d.
U.S. exploration and production budgets that at the beginning of the year had been forecast to fall by 12% are being cut sharply. But overseas investments are expected to rise by 10%, API said.
U.S. exploration and production employment is down 6.5% so far in 1992.
Compared with the peak employment level in 1982, the decrease is more than 50%.
By contrast, employment levels in most other industries have declined much less steeply.
Copyright 1992 Oil & Gas Journal. All Rights Reserved.
