EIA lowers US crude oil production forecast for 2020

Oil

The US Energy Information Administration (EIA) has revised its US crude oil production estimate for 2020 down by 370K b/d against its previous forecast to 11.26M b/d, citing more extensive curtailments to production than previously estimated. If reached, this would be a decline of 990K b/d compared to an average of 12.25M b/d in 2019. Crude production in 2021 has been revised up by 130K b/d to 11.14M b/d however, compared to the previously forecasted decrease of 620K b/d y-o-y.