Crude oil production in the US is expected to decline by 910,000 barrels per day (bpd) to 11.34 million bpd in 2020, the US Energy Information Administration (EIA) in its latest report, according to Reuters.
Additional conclusions
“US crude production will fall 240,000 bpd to 11.10 million bpd in 2021 (compared to the 290,000 bpd drop forecast last month).”
“US oil demand will fall 2.38 million bpd to 18.16 million bpd in 2020 (unchanged from previous forecast).”
“US oil demand will increase 1.63 million bpd to 19.79 million bpd in 2021 (up from the previously forecast increase of 1.69 million bpd).”
Market reaction
Crude oil prices did not show an immediate reaction to this report. At the time of this writing, a barrel of West Texas Intermediate was virtually unchanged on a daily basis at $ 45.60.
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