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U.S. oil production in 2015 rise to new high since 1972

Xinhua, November 8, 2016 Adjust font size:

U.S. crude oil production rose to 9.42 million barrels per day in 2015, the highest level since 1972, said the U.S. Energy Information Administration (EIA) on Monday.

According to EIA, the U.S. crude oil production increased in 2015 for the seventh consecutive year, while lower oil prices have stopped its growing pace since April last year.

Although annual production for 2015 grew, monthly U.S. crude oil production has declined since April 2015, said EIA.

Lower oil prices led to slower development activity and production fell from 9.63 million b/d in April 2015 to 8.74 million b/d in August 2016, said EIA.

The EIA also said, production gains were highest in Texas, the Gulf of Mexico and North Dakota in 2015, accounting for 77 percent of the U.S. total increase. Enditem