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US oil output to cross 13 million b/d in November, but growth slows into 2020

November 15/2019

MOSCOW (MRC) -- US crude oil output will average a record 13.03 million b/d this month, crossing the 13 million b/d threshold a month earlier than expected as domestic production climbs to 13.41 million by November 2020, reported S&P Global with reference to the US Energy Information Administration's statement Wednesday.

"The US remains on course to set new crude oil production records this year and next," EIA Administrator Linda Capuano said in a statement.

In its Short-Term Energy Outlook, EIA said it expects US crude oil production to grow faster than forecast a month earlier, but overall production growth will be slow compared to recent years.

For example, EIA forecasts US oil output to increase by 380,000 b/d over the next year, compared to 1.03 million b/d of growth from November 2018 to November 2019 and 1.93 million b/d of growth from November 2017 to November 2018.

Overall, EIA forecasts crude oil production to average 12.29 million b/d this year, up from 10.99 million in 2018 and 30,000 b/d more than the agency forecast last month for 2019. EIA forecasts US crude output to average 13.29 million b/d in 2020, up 120,000 b/d from last month's forecast for 2020.

EIA's crude oil price forecasts remained relatively unchanged from last month.


mrcplast.com
Author:Margaret Volkova
Tags:crude and gaz condensate, USA.
Category:General News
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