US oil production will continue to decline until bottoming out at 10.63 million b/d March 2021, or 2.2 million b/d below the record high set in November 2019, the US Energy Information Administration said June 9. Receive daily email alerts, subscriber notes & personalize your experience. Register Now EIA now predicts US oil output to average 11.56 million b/d in 2020, a downward revision of 130,000 b/d from last month’s forecast, with 2021 output averaging 10.84 million b/d, down 60,000 b/d from last month, according to the Short-Term Energy Outlook for June. This year will mark the first decline in US oil production since 2016. Global oil demand is on track to shrink 8.3 million b/d year on year to average 92.53 million b/d in 2020, a […]