As US oil production returns online, industry devastation to be longer-term

摘要

Houston—As US operators restore curtailed oil output faster than expected, natural declines and drilling cutbacks will likely tamp down production longer-term, meaning oil production will not only end this year sizably lower than current levels, but next year, as well. S&P Global Platts Analytics estimated in February crude output would average 12.95 million b/d in 2020 and 13.24 million b/d next year, but that was before the huge oil demand wipeout from coronavirus that led to E&P operators quashing activity plans.