On Tuesday, the US Energy Information Administration (EIA) adjusted down the forecast of the fall in the country’s crude oil output this year, from the previous estimate of 870,000 bpd to only 800,000 bpd.
September output is seen to rise to 11.2 million bpd, while in the past week, US energy companies added oil and natural gas rigs for a third consecutive week for the first time since October 2018, boosted by the recent months’ price increases.
This year, global petroleum and liquid fuels consumption are estimated to average 92.8 million bpd, down by 8.6 million bpd from 2019, before increasing by 6.3 million bpd in 2021. The US consumption would likely fall by 2.31 million bpd to 18.23 million bpd. In the previous forecast, the EIA expected a 2.12 million bpd drop in consumption.
US demand next year is forecast to increase by 1.74 million bpd to 19.97 million bpd. The previous estimate only forecast a rise of 1.64 million bpd.
In 2021, US crude production is likely to slump by 360,000 bpd to 11.09 million bpd, compared with a previous estimate of a decline of 300,000 bpd.
