U.S. crude oil production is expected to fall by 230,000 barrels per day (bpd) in 2021 to 11.08 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its forecast last month for a drop of 290,000 bpd. Oil prices have rebounded to the highest levels in about two years, helped by restraint on supply by the Organization of the Petroleum Exporting Countries and allies. The rise has prompted some U.S. producers to increase drilling activity, with rig counts rising for a 10th month in a row in May. “Because prices of West Texas Intermediate crude oil remain above $60 per barrel during 2021 in the current forecast, we expect that producers will drill and complete enough wells to raise 2022 production from 2021 levels,” the EIA said. In 2022, […]