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US oil production fell in December for the first time in 5 months

UNITED STATES (OBSERVATORY NEWS) — The US Energy Information Administration said in a monthly report on Friday that US crude oil production fell to 12.78 million bpd in December from 12.86 million bpd in November.

American crude production was on a strong rise thanks to the advancement of oil extraction techniques from rock formations. Despite the decline in December, the weekly production data from the Energy Information Administration indicates that crude production increased in January and February, setting a new record of 13 million barrels per day.

According to the report, gasoline demand decreased in December compared to a year ago. And demand decreased about 2.5 percent to 8.945 million barrels per day. This is a further decline from an annual drop of 1 percent in November.

Demand for distillate products, which include diesel and heating oil, fell 3 percent from a year earlier to 3.901 million bpd, compared to a 0.4 percent drop in November.

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