The Energy Information Administration has estimated that U.S. crude oil production isn’t going to see much of a rebound for the rest of the year, according to the latest Short Term Energy Outlook published on Wednesday. According to the most recent data, U.S. crude oil production averaged 11.3 million bpd in June. And the EIA sees U.S production remaining near that level through the end of 2021. After that, the EIA sees production climbing to 11.7 million bpd next year “driven by growth in onshore tight oil production.” The bulk of this tight oil growth is expected to come from operators who will start to add rigs, which should more than offset production decline rates. Further, the EIA predicts—amid a clear caveat of much pandemic uncertainty—that global oil production growth will outpace the slowing growth in global oil demand, thus putting downward pressure on the price of a Brent […]