*US crude output fell by over 400,000 b/d from Q4’s record 13.27mn b/d to average 12.85mn b/d for Q1. With NGLs also down by almost 400,000 b/d at 6.31mn b/d, total liquids output was over 800,000 b/d below Q4’s record 19.97mn b/d at 19.15mn b/d for Q1 (see chart & MEES, 19 April).