Oil Crash Pushed 2020 U.S. Output to First Drop in Four Years
- EIA says American production slid 7.6% annually in 2020
- Last year’s crude production was the lowest since 2018
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U.S. crude production decreased for the first time in four years in 2020 as the pandemic crushed global oil demand.
American crude output averaged 11.313 million barrels a day last year, down nearly 8% from the year prior, according to U.S. Energy Information Administration. That’s the lowest production rate since 2018 and it marked the biggest year-over-year percentage decline since 1949.