U.S. Crude Oil Production May Not Be Growing Quite So Fast
- April output was 190,000 barrels a day lower than forecast
- Distillate demand also fell short of government estimates
Oil Sees Good End to Rough June
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U.S. crude production fell for the first time this year in April, reining in exuberance over rapidly growing domestic output.
April output fell slightly to 9.08 million barrels a day, the Energy Information Administration said Friday, and was 190,000 barrels lower than the agency’s preliminary weekly estimates. Earlier in June, the EIA also lowered its Permian oil production estimates for every month in 2017.