U.S. oil production may be growing more slowly than everyone thinks.
In May American drillers pumped 10.442 million barrels a day, which is about 300,000 fewer barrels per day than the Energy Information Administration had projected. In a recent report the agency revised its weekly production estimates for the month, lowering average May output by 3 percent.
The slide comes as the nation churns out records volume of crude, with explorers expanding the U.S. rig fleet by more than 110 since January.
American drillers produced less crude in May than expected, according to the EIA’s monthly Crude Oil and Natural Gas Production report. It also suggests that figures for June also may come in lower than estimated. At the minute, the agency’s preliminary June production estimate is a record 11 million barrels a day.
According to EIA spokesman, Paul Hensse, these figures are still subject to change.