US Oil Production Unlikely to Grow This Year as Oil Companies Pull Back

https://sputnikglobe.com/20250531/us-oil-production-unlikely-to-grow-this-year-as-oil-companies-pull-back—reports-1122159739.html

US Oil Production Unlikely to Grow This Year as Oil Companies Pull Back – Reports

US Oil Production Unlikely to Grow This Year as Oil Companies Pull Back – Reports

Sputnik International

US oil companies are cutting staff and shutting down drilling rigs as crude oil prices are falling, The New York Times reported.

2025-05-31T04:28+0000

2025-05-31T04:28+0000

2025-05-31T04:28+0000

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US oil production is unlikely to grow in 2025, the newspaper said on Friday, as crude oil prices have been hovering around $60 per barrel for two months, forcing American companies to pull back. Smaller companies focused on drilling for oil plan to spend around 3.5 percent less this year, The New York Times said, citing a BloombergNEF analysis. At the same time, Exxon Mobil and Chevron are expected to keep their current spending plans. Oil production in US shale basins is expected to decline later this year, the newspaper projected, citing the International Energy Agency (IEA).

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oil production, oil rig, us oil, us oil production, oil industry, us oil industry, oil production decrease, oil companies

MOSCOW (Sputnik) – US oil companies are cutting staff and shutting down drilling rigs as crude oil prices are falling, The New York Times reported.