OPEC Downgrades US Oil Production Forecast, Expects Decrease Of 0.28 Mln Barrels Per Day

OPEC Downgrades US Oil Production Forecast, Expects Decrease of 0.28 Mln Barrels Per Day

Crude oil production in the United States is expected to decline by 0.28 million barrels per day this year, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report released on Tuesday

MOSCOW (Pakistan Point News / Sputnik - 11th May, 2021) Crude oil production in the United States is expected to decline by 0.28 million barrels per day this year, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report released on Tuesday.

"Following a decline of 0.92 mb/d y-o-y in 2020, US crude oil production in 2021 is forecast to decline by 0.28 mb/d y-o-y to average 11.04 mb/d. Production from the GoM is expected to grow by 0.06 mb/d to average 1.71 mb/d, while onshore conventional crude is estimated to decline by 0.05 mb/d to average 2.29 mb/d, largely due to mature oil fields," OPEC said.

In its previous report released in April, OPEC said oil production in the US would go down by 70,000 barrels per day in 2021.