US oil output fell by an average of 58K barrels per day in December

Omkar Godbole FXStreet Contributor

The US crude oil production averaged 11.063 million barrels per day in December 2020, marking a drop of 58,000 barrels per day from the preceding month, according to the Energy Information Administration's latest monthly report.

The decline seems more significant year-on-year. The average production in December 2019 was over 12.8 million barrels per day.

Output averaged just 9.7 million barrels per day in the week ended Feb. 19, according to EIA estimates. The dramatic weekly drop was likely due to the Texas Freeze, which curtailed refinery and crude oil production.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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