U.S. Oil Output to Fall Next Year for the First Time Since 2016
- EIA sees monthly crude production declining around May 2020
- Agency cuts 2020 Brent forecast to $43.30 a barrel from $61.25
Photographer: Daniel Acker/Bloomberg
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The world’s biggest oil producer will see a drop in output next year as a result of the dramatic collapse in prices that’s already forcing drillers to cut back on capital spending.
U.S. oil output will average 12.7 million barrels a day in 2021, down from an expected 13 million barrels this year, the Energy Information Administration said on Wednesday. That would mark the first year-on-year decline since 2016.