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The U.
S.
Energy Information Administration said on Tuesday it expects U.
S.
crude production to fall 990,000 b/d this year to 11.
26 million b/d, a steeper
drop from 600,000 b/d last month.
The agency also expects U.
S.
oil and other liquid fuel consumption to fall by 2 million b/d to 18.
46 million b/d by 2020, a decline slightly less than the previous forecast of 2.
12 million b/d
.
Oil prices have plummeted
this year as the coronavirus pandemic has swept through global demand and restricted global travel.
However, global consumption, including in Asia, has begun to recover
as some countries ease lockdowns.
Global average demand for oil and liquid fuels in July was about 93.
4 million b/d
, according to the EIA.
Demand was down 9.
1 million b/d from a year earlier, but higher than the second-quarter average of 85 million b/d
, the agency said.
The price plunge has also prompted U.
S.
oil producers to cut back on new drilling activity and cut production
from existing wells.
The EIA said U.
S.
production cuts were larger than estimates reported last month, leading to revisions
this month.
U.
S.
crude production is expected to decline by 120,000 b/d in 2021, well below the agency's previous forecast of 620,000 bpd
.
U.
S.
oil demand is expected to increase by 1.
57 million b/d in 2021 to 20.
03 million b/d, compared with previous estimates of 1.
6 million b/d
.
The U.
S.
Energy Information Administration said on Tuesday it expects U.
S.
crude production to fall 990,000 b/d this year to 11.
26 million b/d, a steeper
drop from 600,000 b/d last month.
The agency also expects U.
S.
oil and other liquid fuel consumption to fall by 2 million b/d to 18.
46 million b/d by 2020, a decline slightly less than the previous forecast of 2.
12 million b/d
.
Oil prices have plummeted
this year as the coronavirus pandemic has swept through global demand and restricted global travel.
However, global consumption, including in Asia, has begun to recover
as some countries ease lockdowns.
Global average demand for oil and liquid fuels in July was about 93.
4 million b/d
, according to the EIA.
Demand was down 9.
1 million b/d from a year earlier, but higher than the second-quarter average of 85 million b/d
, the agency said.
The price plunge has also prompted U.
S.
oil producers to cut back on new drilling activity and cut production
from existing wells.
The EIA said U.
S.
production cuts were larger than estimates reported last month, leading to revisions
this month.
U.
S.
crude production is expected to decline by 120,000 b/d in 2021, well below the agency's previous forecast of 620,000 bpd
.
U.
S.
oil demand is expected to increase by 1.
57 million b/d in 2021 to 20.
03 million b/d, compared with previous estimates of 1.
6 million b/d
.
