EIA Revises Estimates for Fall in US Crude Output, Oil Consumption Levels
US crude output could decline by 670k bpd to 11.56 million bpd through this year as more lil drillers have cut down production, according to
According to latest estimates by the EIA, US crude output could decline by 670k bpd to 11.56 million bpd through this year as more lil drillers have cut down production. Previously, it had forecast a fall in output by 540k bpd in the wake of the coronavirus crisis, which had led to a fall in demand and prices for oil worldwide.
Meanwhile, the EIA expects petroleum and liquid fuel consumption in the US to fall by 2.4 million bpd to 18.06 million bpd this year. In its previous forecast, it had anticipated the consumption to fall by 2.19 million bpd instead.
Estimates for reduction in global oil consumption levels have also been revised higher, from 8.15 million bpd previous to 8.3 million bpd. Total oil consumption in the world could touch 92.53 million bpd in 2020, as per the revised estimates.
EIA Administrator Linda Capuano states, “Initial data show the global oil market rebalancing faster than EIA previously forecast. We expect (global oil) inventories to begin drawing in June, as a result of sharper declines in global oil production during June and greater global oil demand than previously expected.”
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