U.S. oil and natural gas production to fall in 2021, then rise in 2022

In its January 2020 Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that annual U.S. crude oil production will average 11.1 million b/d in 2021, down 0.2 million b/d from 2020 as result of a decline in drilling activity related to low oil prices. A production decline in 2021 would mark the second consecutive year of production declines. Responses to the COVID-19 pandemic led to supply and demand disruptions. EIA expects crude oil production to increase in 2022 by 0.4 million b/d because of increased drilling as prices remain at or near $50 per barrel (b). Read more U.S. oil and natural gas production to fall in 2021, then rise in 2022

Continue reading U.S. oil and natural gas production to fall in 2021, then rise in 2022. This article appeared first on CTRM Center.

Source: CTRM Center

Related Posts

Leave a reply