New Mexico's Oil Production Decreases In Early 2016

ALBUQUERQUE, N.M. (AP) -- Statistics from the New Mexico Oil Conservation Division show a drop in the state's production during the first half of 2016. The Albuquerque Journal reports (http://bit.ly/2daZHQ2 ) that statewide oil production fell nearly 5 percent in the first seven months of the year. The latest statistics show that the production was down by about four million barrels from January to July, dropping to 82 million barrels from 2015's 86 million during the same time period. The numbers show the first significant drop in New Mexico's oil production since crude prices crashed in 2014. Steeper declines are possible, with prices are unlikely to rise significantly until next year.