U.S. Oil Production Could Fall By 2 Million Barrels Per Day

Crude oil production in the United States could fall by about 2 million bpd from current estimates of daily averages, according to the Energy Information Administration. In its latest Short-Term Energy Outlook, the authority said that the average for this year could be around 11.8 million bpd, which compares with weekly estimates of 13 million bpd currently. The revised 2020 number is half a million barrels daily lower than the average for 2019, the EIA noted in its report. Yet production will likely continue to decline next year as well, according to the EIA, by a higher margin of 700,000 bpd. These numbers suggest that the EIA expects a prolonged fallout from the coronavirus outbreak and the oil price war that has added weight to an already out-of-balance oil market...MORE