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AlwaysFree: EIA Forecasts Slower Growth In US Crude Oil Output Through 2021


The US Energy Information Administration (EIA) in its latest Short-Term Energy Outlook (STEO), forecasts crude oil output in the United States would continue growing through 2021 but at a slower pace.

According to the outlook, US oil production will increase 9% year-on-year to an average of 13.3 million bpd this year. Next year, US crude output is expected to rise to an average of 13.7 million bpd, registering a slower year-on-year growth rate of 3%.

EIA attributed the slow down in US oil output to the decline in rigs drilling activity during the past year. This trend is expected to continue this year, EIA said. However, the decreasing rig count will not stop oil production to grow thanks to improved rig efficiency and well-level productivity.

EIA estimates that oil production in the Lower 48 states had reached 9.9 million in 2019, and is expected to rise further by 1.0 million bpd this year and 0.4 million bpd next year. Production in the US Gulf of Mexico is projected to grow by 0.1 million to 2.0 million bpd in 2020 and to remain relatively unchanged next year. Meanwhile, oil output from Alaska is expected to increase by 0.5 million bpd in 2020 and 2021.

Tags: AlwaysFree,Americas,Crude Oil,EN ALWAYSFREE,Energy & Feedstocks,English,United States Energy Information Administration (EIA),US crude output,US oil production growth

January 29, 2020 1:46 AM (GMT+8)