U.S. Oil Output Set for Consecutive Declines, but Demand Recovery Likely to Begin This Year

摘要

The Energy Information Administra- tion (EIA) said Thursday it expects U.S. crude oil production to decline in both 2020 and 2021, driven by the Lower 48 onshore segment, in response to price and demand destruction caused by Covid-19. In the latest edition of its Short-Term Energy Outlook, EIA is forecasting average output of 11.7 million b/d in 2020 and 10.9 million b/d in 2021, down 0.5 million b/d and 1.3 million b/d, respectively, from the 2019 fgure of 12.2 million b/d.