US oil output to average 12.99 mil b/d in 2020, 12.66 mil b/d in 2021 WTI forecast cut to $38.19/b in 2020, $50.36/b in 2021 Brent forecast cut to $43.30/b in 2020, $55.36/b in 2021 US oil production, which the US Energy Information Administration forecast last month would cross the 14 million b/d threshold in late 2021, is now forecast to peak just above 13.2 million b/d next month and then fall by as much as 660,000 b/d into 2021 as US shale operators struggle with low prices, the agency said Wednesday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now In its Short-Term Energy Outlook Tuesday, EIA said it now expects US oil output to average 12.99 million b/d in 2020 and 12.66 million b/d, down 210,000 b/d and 900,000 b/d, respectively, from last month’s forecast. It would be the first year-on-year fall in […]