The US Energy Information Administration (EIA) in its latest Annual Energy Outlook said US oil output would continue to grow. However, it is still over-a-decade away from reaching a peak. US crude output is expected to reach 14 million bpd by 2022, increasing nearly 7.6 million bpd from 2012. For the next decade, however, production is forecast to grow by just less than 400,000 bpd.
EIA attributed the slowdown in the next decade to the decline in well productivity and as producers move to less productive fields. EIA projected US oil output to start falling in the mid-2030s. By 2050, US crude production is expected to dip below 12 million bpd, EIA said.
Under EIA’s scenario, production in the lower 48 states will peak to 13.84 million bpd in 2032, contributing to 96% of total US production that year, compared to the current 70% contribution. In Alaska, production is expected to reach a record 910,000 bpd in 2041, nearly doubling last year’s output of 480,000 bpd. Meanwhile, production in the US Gulf of Mexico will likely to reach a peak of 2.4 million bpd in 2026.
Tags: AlwaysFree,Americas,Crude Oil,EN ALWAYSFREE,Energy & Feedstocks,English,United States Energy Information Administration (EIA),US oil production,US oil production growthJanuary 30, 2020 9:14 PM (GMT+8)