The Largest US Oil Production Drop In A Decade Was Just A Glitch

The largest monthly drop in U.S. crude oil production in more than a decade in July is likely a temporary, geographically isolated glitch largely due to Gulf of Mexico shut-ins due to Hurricane Barry, the EIA said on Wednesday, expecting that U.S. crude oil production will return to grow month on month throughout the rest of this year. According to the EIA’s most recent Petroleum Supply Monthly, U.S. crude oil production dipped in July by 276,000 barrels per day (bpd) from June. This was the largest decline in monthly crude oil production…