U.S. Oil Output Drops to Lowest Level in 15 Months

January U.S. crude oil production was down 305,000 barrels per day, hitting 13.15 million bpd, a level it hasn’t dipped down to in over a year, according to data released by the U.S. Energy Information Administration (EIA) on Monday, also revising its December estimate downward by around 40,000 barrels, to 13.45 million bpd. The top producer, Texas, saw a decline of 105,000 bpd, sitting at 5.58 billion bpd and its largest decline in 15 months, while the country’s number two producer, New Mexico, saw output fall by 53,000 bpd to 2.06…