WASHINGTON, DC – US crude oil production fell by 185,000 b/d in August to 11.14MMb/d, down from a revised 11.33MMb/d in June, according to the US Energy Information Administration. The decline was driven by falling production in the deepwater Gulf of Mexico, the agency said.
In its monthly crude oil and natural gas production report issued on Oct. 29, the EIA data indicated that US federal offshore Gulf of Mexico declined by 16.9% in this same timeframe, falling from 1.84 MMb/d to 1.53 MMb/d.
Crude oil prices continue to move up with the tightening oil market. West Texas Intermediate crude futures settled at $83.76/bbl on Oct. 29, after climbing 1.5% during the day. The metric touched its highest level seen since October 2014 — $84.28 — earlier in the session.