EIA cuts US crude production outlook
US crude production for this year was revised down by 200K b/d to 12.99M b/d in the Energy Information Administration’s March Short-Term Energy Outlook. This is a reduction in y-o-y demand growth to 760K b/d, down from 960K b/d in the last month’s outlook. Notably, the EIA now expects US production to fall in 2021 by 330K b/d y-o-y to 12.66M b/d. Previously it had expected output to grow next year by 350K b/d. This would be the first annual decline in US crude production since 2016.