US oil and gas production to fall further despite price increase and GDP growth

摘要

US gas and oil production is expected to fall further in 2021 and start to recovery in 2022, however production is not expected to return to pre-Covid levels by the end of next year, according to the US Energy Information Administration’s (EIA) first Short Term Energy Outlook (STEO) of the year. The predicted production slump comes despite the EIA expecting oil and gas prices to increase this year and global GDP growth, with surging gas prices expected to see increased gas-to-coal switching in the US power sector.