EIA forecasts U.S. crude oil production to fall in 2020 and 2021

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The U.S. Energy Information Administration (EIA) expects U.S. crude oil production to fall in 2020 and 2021 as efforts to mitigate the spread of the 2019 novel coronavirus disease (COVID-19) continue to result in a steep drop in demand for petroleum products and crude oil prices. In its May Short-Term Energy Outlook (STEO), EIA forecasts that U.S. crude oil production will average 11.7 million barrels per day (b/d) in 2020 and 10.9 million b/d in 2021. These levels would be 0.5 million b/d and 1.3 million b/d, respectively, lower than the 2019 average of 12.2 million b/d.

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