U.S. Slashes 2020 Oil-Output Forecast Ahead of OPEC+ Meeting
- EIA trims output estimate by 1.2 million barrels a day
- Report comes as OPEC+ prepares to meet on output-curb deal
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The U.S. cut its 2020 oil production forecast by more than 1 million barrels a day, as collapsing crude prices and plummeting demand threaten to shutter production in the country’s biggest fields.
Production is expected to average 11.76 million barrels a day through December, down from a previous forecast of 12.99 million barrels, the Energy Information Administration said on Tuesday. The agency also trimmed its 2021 output expectations by 1.6 million barrels a day to just over 11 million daily barrels.