Before the fall in oil prices, U.S. oil production reached a record high.

Jin10 data reported on May 31 that U.S. drilling companies set a record for oil production in March, but the final data fell short of the quantities implied by government figures. The U.S. Energy Information Administration (EIA) said on Friday that total U.S. liquid fuel production rose to a historic high of 20.8 million barrels per day in March, an increase of 3.1% from the previous month. This figure includes crude oil and liquefied natural gas, and is about 180,000 barrels lower than the four-week average for March. As the big dump in oil prices prompts exploration companies to cut back on drilling in key shale formations, the record production may gradually decline in the coming months. The EIA expects crude oil production to reach 20.4 million barrels per day by the end of this year.