U.S. Slashes 2020 Oil-Output Forecast Ahead of OPEC+ Meeting

Financial Post | Apr 7, 2020 at 4:32 PM
  • The U.S. cut its 2020 oil production forecast by more than 1 million barrels a day, as collapsing crude prices and plummeting demand threaten to shutter production in the country’s biggest fields.
  • The agency also trimmed its 2021 output expectations by 1.6 million barrels a day to just over 11 million daily barrels.
  • EIA forecasts that the U.S. will return to being a net importer of crude oil and petroleum products in the third quarter of 2020 and remain a net importer in most months through the end of the forecast period.