US crude oil production declined for the second consecutive month in January, data from the US Energy Information Administration (EIA) showed. According to the data, US producers pumped 12.74 million bpd of crude oil in January 2020, decreasing from 12.80 million bpd in December 2019.
This decline marked the first time oil production has fallen for two straight months since July 2019. US oil output reached an all-time monthly high of 12.87 million bpd in November before prices and demand were destroyed by the coronavirus pandemic and an oil price war.
Meanwhile, natural gas output in the US Lower 48 states fell to 105.5 bcfd in January from December’s 106.4 bcfd, marking the sharpest monthly production drop since January 2018. It is also the first time natural gas production has fallen for two successive months since January 2017. US natural gas production also reached a peak of 107.0 bcfd in November.
