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US crude supply growth to slow to 410K b/d in 2021 – EIA

US crude production for 2019 is estimated at 12.2M b/d, up 1.3M b/d from 2018 according to the latest Energy Information Agency (EIA) Short Term Energy Outlook. It expects growth to slow to 1.1M b/d this year before dropping to 410K b/d in 2021. 

These forecasts are based on a stronger crude price outlook supporting crude production. The EIA forecasts WTI crude oil spot prices will average $59/bl in 2020, up $2/bl on 2019 and $62/bl in 2021.