U.S. crude oil production fell by 8% in 2020, the largest annual decrease on record

U.S. crude oil production averaged 11.3 million barrels per day (b/d) in 2020, down 935,000 b/d (8%) from the record annual average high of 12.2 million b/d in 2019. The 2020 decrease in production was the largest annual decline in the U.S. Energy Information Administration’s records. The production decline resulted from reduced drilling activity related to low oil prices in 2020. Read more U.S. crude oil production fell by 8% in 2020, the largest annual decrease on record

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Source: CTRM Center

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