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US EIA revises downward 2020 and 2021 domestic oil production


US oil output is expected to decline by 240K b/d y-o-y to 11.1M b/d next year, as compared with a fall of 300K b/d projected last month, the US Energy Information Administration said in its December Short Term Energy Outlook. Oil production in 2020 was revised down by 500K b/d to 11.34M b/d, representing a contraction of 900K b/d y-o-y.

US refinery runs projections were also cut, with 2020 throughput anticipated to fall by 2.3M b/d y-o-y to 14.26M b/d (versus 14.31M b/d in November's report), while that for 2021 set to average 15.5M b/d, up 1.24M b/d y-o-y, but down 260K b/d from an earlier forecast.