J.P Morgan: Continued high Oil Prices Will Stimulate US Production Growth

JP Morgan analysts said in a weekly note that the continued rise in oil prices is expected to stimulate an increase in US crude production this year.

The bank now expects US crude oil production to average 11.78 million barrels per day in December 2021, up 710,000 barrels per day on an annual basis.

The bank predicts that tight oil production in the United States will average 11.36 million barrels per day in 2021, compared to an average of 11.32 million barrels per day last year.