Slashed drilling activity and low oil prices led to the largest decline in annual average crude oil production in the United States in 2020 U.S. crude oil production averaged 11.3 million barrels per day (bpd) last year, the EIA has estimated Slashed drilling activity and low oil prices led to the largest decline in annual average crude oil production in the United States in 2020, when output slumped by 8 percent from a record high in 2019, the Energy Information Administration (EIA) said on Wednesday. U.S. crude oil production averaged 11.3 million barrels per day (bpd) last year, the EIA has estimated. This was down by 935,000 bpd, or by 8 percent, compared to the record annual average of 12.2 million bpd in 2019. Last year’s flop in U.S. oil production was the largest annual decline in EIA records. Following the crash in oil prices in March 2020 due […]