EIA raises forecast for 2019, 2020 U.S. crude output growth

Baku, May 8, AZERTAC

U.S. crude oil production is expected to rise by 1.49 million barrels per day (bpd) in 2019 to average 12.45 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, up from its previous forecast for a rise of 1.43 million bpd.

The EIA forecast output in 2020 will rise by 930,000 bpd to 13.38 million bpd, a bigger increase than it previously estimated.

The latest forecast puts the United States on track to reach the 13-million-bpd milestone in the fourth quarter of 2019.

The United States has overtaken Saudi Arabia and Russia to become the world’s biggest oil producer, thanks to a shale revolution.

For 2019, the EIA forecast U.S. oil demand to rise by 250,000 bpd to 20.70 million bpd, down from 360,000 bpd in its previous estimate. The agency also estimates U.S. oil demand will rise by 280,000 bpd to 20.98 million bpd in 2020, up from a previous forecast of a 250,000 bpd increase.

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