U.S. exploration and production (E&P) firms kept crude output even last week amid an uncertain demand outlook and expectations for steep cuts to global supplies.

E&Ps produced 12.2 million b/d for the week ended March 31, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) on Wednesday.

The result was flat with the previous week. Output had declined 100,000 b/d week/week in the March 24 period, when activity retreated from the 2023 peak and pandemic-era high of 12.3 million b/d.

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