After almost three months since the start of the Covid-19 pandemic, GlobalData estimates crude oil production in the USL48 to reduce from an average of approximately 10.3 million barrels of oil per day (mmbd) in January 2020 to 8.2mmbd in December.
The decline in crude oil production is most apparent in Q2 2020 due to production curtailment strategy adopted by key producers across the USL48. Permian Basin experienced the biggest decline in crude oil summing up to approximate 1mmbd, followed by Bakken and Eagle Ford with 0.6mmbd and 0.2mmbd respectively. Many operators have put a halt in their development plan and forgone their guidance for 2020, however opting to remain flexible to react to the crude oil prices.
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