U.S. crude oil production is not expected to pick up a significant growth pace at least until the end of this year, the Energy Information Administration (EIA) said in its latest monthly outlook, raising its output forecasts only slightly from last month despite the recent rally in prices. The Short-Term Energy Outlook (STEO) for July shows that the EIA expects American crude oil production to average 11.10 million barrels per day (bpd) in 2021. This is a slight increase of 20,000 bpd compared to EIA’s projection for 2021 oil production of 11.08 million bpd in the June STEO . If the current 2021 forecast pans out, American oil production would have dropped by 200,000 bpd compared to the average 2020 output of 11.31 million bpd, which included two months of record-high production that touched 13 million bpd just before markets crashed in March and April 2020. For 2022, the […]