Michigan crude oil production levels followed downward trend of pricing in first half, show signs of recovering as prices improve, stabilize

摘要

The devastating effects of the global coronavirus pandemic on crude oil demand, pricing and, ultimately, production, saw Michigan crude oil output drop by nearly 66% from its level of 371,610 barrels in January 2020 to just 127,229 barrels in May. As illustrated in the graph above, Michigan production did not begin to fall off dramatically until April 2020, when production dropped to just over 254,000 barrels, after averaging more than 356,000 barrels per month for the period of January through March.