U.S. OIL PRODUCTION KEEPS ON SLIDING
U.S. crude and condensate production dipped to less than 6.9 million b/d in first half 1993, the lowest volume in 35 years.
The American Petroleum Institute said the larger than anticipated drop of about 400,000 b/d, or 5.5%, surpassed the trend of the past 7 years.
U.S. demand for petroleum products rose 1.5% for the first 6 months to an average 176.145 million b/d, forcing imports of crude and petroleum products to their highest level since 1990.
Imports were 8.272 million b/d, up 9.2% from the same period a year ago. Those shipments accounted for 48.2% of domestic deliveries.
API figures show natural gas drilling rebounded sharply from the low levels that followed the 1991 slide in wellhead gas prices.
API said 5,600 gas wells were drilled in the first half of the year, up 72% from first half 1992. An unusually large number-96%-were development wells. Exploratory drilling increased more slowly.
Copyright 1993 Oil & Gas Journal. All Rights Reserved.