Quarterly Oil Production from Majors Dropping

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According to quarterly reports, average daily production of crude oil and natural gas liquids from eight major oil firms dropped by some 304,000 barrels per day (-2.8%) during the first quarter of 2005 as compared to the prior year.

Combined liquids production for these firms dropped to 10.475 million barrels per day (mbpd) in 1Q 2005 from 10.779 mbpd in 1Q 2004.
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