09302020Wed
Last updateWed, 30 Sep 2020 2pm

End-User News

EIA Revises U.S. Oil Production Forecast

The Energy Information Administration (EIA) expects U.S. crude oil production to average 13.2 million barrels per day (b/d) in 2020, an increase of 0.9 million b/d from the 2019 level. Expected 2020 growth is slower than 2018 growth of 1.6 million b/d and 2019 growth of 1.3 million b/d. Slowing crude oil production growth results from a decline in drilling rigs over the past year that EIA expects to continue into 2020. Despite the decline in rigs, EIA forecasts production will continue to grow as rig efficiency and well-level productivity rises, offsetting the decline in the number of rigs.

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