API: U.S. Drilling And Oil Demand Slump Further

An estimate from the American Petroleum Institute (API) indicates that first-quarter oil and natural gas drilling activity dipped in the United States to levels not seen since 2004, marking the end of six consecutive years of first-quarter growth. The Washington-based trade group also reported that U.S. demand for oil slumped by more than three percent during the first three months of this year to the lowest level for the first quarter period in more than a decade.

OilandGasEnquirer