US crude oil production in 2015 averaged 9.43 million b/d, up from 8.71 million b/d in 2014, according to data from the US Energy Information Administration. The increase in output shrunk to 722,000 b/d in 2015 from 1.25 million b/d in 2014. Source: News

The unprecedented plunge in global crude oil prices poses significant challenges for producers that previously benefited from using technologies considered unconventional, an Australian government official said. “What’s really interesting is the decline in exploration expenditures—around 20% in 2015 and 20% so far in 2016,” said Josh Frydenburg, Australia’s minister for resources, energy, and northern Australia. […]

Light, sweet crude oil prices on the New York market bounced up nearly $1 to settle at $33.75/bbl on Feb. 29. Source: News