Low Prices Squeeze U.S. Oil and Gas Output

By John Kemp, energy analyst U.S. oil production growth continues to slow in response to the fall in prices, as the initial shock from Russia’s invasion of Ukraine and the sanctions imposed in response more than two years ago fades. Crude and condensates output from the Lower 48 states excluding federal waters in the Gulf of Mexico averaged 11.0 million barrels per day (b/d) in July 2024, according to the latest data from the U.S. Energy Information Administration. Production had increased by less than 0.4 million b/d compared with the same…