EIA: US Oil Production Seen at 11.64 M bpd in 2020

The United States crude oil production is expected to decline by 600,000 barrels per day (bpd) in 2020 to 11.63 million bpd and 11.01 million bpd in 2021, according to a report by the US Energy Information Administration (EIA) on Tuesday.

EIA was previously forecasting a 670,000 bpd decline, Reuters reported.

Fuel consumption in the US is expected to decrease by 2.1 million bpd to 18.34 million bpd this year.

Meanwhile, the EIA expects global oil consumption to decline by 8.15 million bpd to 92.89 million bpd.