U.S. Projects Modest Oil Output Increase in 2021 Despite High Prices
- EIA expects WTI to average $65.85 this year, $62.97 next year
- Global output increase should outpace consumption in 2022: EIA
This article is for subscribers only.
The U.S. sees limited domestic oil production growth through next year despite rising oil prices and rebounding demand.
Oil explorers will produce 20,000 barrels a day more than previously forecast for this year, at 11.1 million barrels, the Energy Information Administration said in a report Wednesday. Output next year was raised 60,000 barrels day to 11.9 million, making it the first upward revision since March. At the same time the agency boosted its price forecast for West Texas Intermediate by $4 a barrel to $65.85 for 2021.