The US oil production is forecast to decline by 0.7 million barrels per day in 2020 due to low energy prices and by further 0.6 mbd in 2021, the International Energy Agency (IEA) said in a report on Tuesday
MOSCOW (Pakistan Point News / Sputnik - 15th September, 2020) The US oil production is forecast to decline by 0.7 million barrels per day in 2020 due to low energy prices and by further 0.6 mbd in 2021, the International Energy Agency (IEA) said in a report on Tuesday.
"The year as a whole will see US output down 0.7 mb/d as onshore drilling and completion rates remain well below levels required to offset declines across the shale patch. In the absence of an uptick in investment, in 2021 we forecast a further decline of 0.6 mb/d," the report read.
The US oil production has also suffered due to the Hurricane Laura, which led to a decline in output by 0.4mbd last month, but the production is set to recover this month, the IEA noted.
