U.S. crude oil production this year will average 11.1 million bpd and will rise to 11.8 million bpd in 2022, the Energy Information Administration said in its latest Short-Term Energy Outlook – down from its previous forecast. The agency added that the most recent monthly data on production, from May, showed a daily average of 11.2 million, which the agency expects to remain relatively unchanged until about October when it would start rising. The rise would continue through 2022, according to the EIA. The U.S. rig count has been on the rise lately, hitting 491 in the first week of August, up by 244 rigs from the same period last year. However, it was much lower than the active rig count in early August 2019, which stood at 790. While the 2021 output projection is relatively unchanged from last month’s edition of the STEO, the 2022 projection shows a […]