EIA: U.S. Oil Production Seen at 11.26 M b/d in 2020

The U.S. Energy Information Administration (EIA) said on Tuesday that it expects crude oil production in the United States to decline by 990,000 barrels per day (b/d) in 2020 to 11.26 million b/d.

This implies a higher decline than what was forecasted last month, at 600,000 b/d.

The EIA now estimates that the U.S. production of petroleum products would fall by two million barrels per day to 18.46 million b/d in 2020, compared with its previous expectation of a 2.12 million b/d decrease.

In 2021, the EIA expects the U.S. crude production to decline by 120,000 b/d to 11.14 million b/d, while demand in the U.S. for crude oil is set to increase by 1.57 million b/d to 20.03 million b/d.