Higher and more stable crude oil prices are contributing to increased drilling in the United States, which may slow the pace of production declines. Benchmark West Texas Intermediate (WTI) crude oil prices averaged $46.59 per barrel (b) over the last three weeks, a 40% increase over the average price in the first quarter. The Lower 48 states onshore oil active rotary rig count, as measured by Baker Hughes, stood at 336 rigs on July 15, 29 rigs above the end-June number. While declines from [Read more]
Canada provides record-high share and amount of U.S. crude oil imports in 2015
Although total U.S. crude oil imports in 2015 continued to be lower than levels reached during the mid-2000s, imports from the United States' top foreign oil supplier—Canada—were the highest on record, according to annual trade data from EIA's Petroleum Supply Monthly. Canada provided 4 out of every 10 barrels of oil imported into the United States in 2015. U.S. gross crude oil imports from all sources averaged 7.4 million barrels per day (b/d) in 2015, down 27% since the 2005 high of 10.1 [Read more]
U.S. oil production continues to decline, and is now below its year-ago level
U.S. monthly crude oil production in December 2015 continued to decline, as oil production reached its lowest level since November 2014. Production also declined from year-ago levels for the first time in more than four years. This continued production decline is the result of lower crude prices, which have declined more than 70% since the summer of 2014. Crude oil production in December 2015 averaged 9.3 million barrels per day (b/d), down 166,000 b/d from December 2014 and the first [Read more]