US oil output will drop by 1.81 mil b/d from March 2020 to March 2021: EIA

S&P Global Platts | Apr 7, 2020 at 5:12 PM
  • The US Energy Information Administration on Tuesday cut its US oil output forecast by 1.23 million b/d for 2020 and by 1.63 million b/d for 2021 due to declining prices caused by the global spread of the coronavirus and the collapse of the OPEC+ supply cut agreement.
  • EIA forecasts US oil output will average 11.76 million b/d in 2020 and 11.03 million b/d in 2021.
  • US oil output averaged a record 12.23 million b/d in 2019.