American Oil Production Is Growing More Slowly Than Expected
- May output fell short of forecast by 300,000 barrels a day
- More downward revisions can be expected in U.S. crude output
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U.S. oil production may not be growing quite as fast as everyone thinks.
American drillers pumped 10.442 million barrels a day in May -- about 300,000 fewer barrels per day than the Energy Information Administration had projected. In a report released Tuesday, the agency revised its weekly production estimates for the month, lowering average May output by 3 percent. The slide comes as the nation churns out records volume of crude, with explorers expanding the U.S. rig fleet by more than 110 since January.