US crude production to fall 470K b/d in 2020: EIA

In its April Short Term Energy Outlook, the EIA projects US crude production to fall by 470K b/d y-o-y in 2020 to 11.76M b/d, down from expectations of 1.06M b/d growth in its January report. It sees output falling another 730K b/d next year to 11.03M b/d, down 2.68M b/d from its forecast of 13.71M b/d in its January report. 

US refinery runs are expected to fall by 1.21M b/d y-o-y to an average 15.35M b/d this year. This would be the lowest annual rate since 2013. But it sees levels rebounding by 1.34M b/d y-o-y next year.