U.S. slashes oil output forecast

EIA forecasts U.S. crude oil production will average 11.8 million b/d in 2020, down 0.5 million b/d from 2019’s production, 1.2 million b/d from 2019’s forecast.

If realized, the 2020 production decline would mark the first annual decline since 2016.

In 2021, EIA expects U.S. crude production to decline further by 0.7 million b/d to 11.1 million b/d.