The US Energy Information Administration on Tuesday cut its US oil output forecast by 1.23 million b/d for 2020 and by 1.63 million b/d for 2021 due to declining prices caused by the global spread of the coronavirus and the collapse of the OPEC+ supply cut agreement. “Typically, price changes impact production after about a six-month lag,” EIA said in its monthly Short-Term Energy Outlook. “However, current market conditions, combined with the COVID-19 pandemic, will likely reduce this lag as many producers have already announced plans to reduce capital spending and drilling levels.” EIA forecasts US oil […]