Oil prices finally dropping because…
“Report: US Oil Output Jumps To Record High In March”
"U.S. crude oil production jumped 215,000 barrels per day (bbl/d) to 10.47 million bbl/d in March, the highest on record, the Energy Information Administration (EIA) said in a monthly report on May 31.
Production in Texas rose by 4% to almost 4.2 million bbl/d, a record high based on the data going back to 2005. The Permian Basin, which stretches across West Texas and eastern New Mexico, is the largest U.S. oil field.
Output from North Dakota held around 1.2 million bbl/d, while output in the federal Gulf of Mexico declined 1.1% to 1.7 million bbl/d.
The agency also revised February oil production down by 5,000 bbl/d to 10.26 million bbl/d.
U.S. crude oil output rose above 10 million bbl/d late last year for the first time since the 1970s, overtaking top oil exporter Saudi Arabia, but it still lags behind top producer Russia, which pumps just below 11 million bbl/d."