The production of US tight crude in 2020 is expected to fall by 0.81 million barrels daily year-on-year and will average some 6.8 million bpd, while US liquids production will contract 1.4 million bpd this year, the OPEC said on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 17th June, 2020) The production of US tight crude in 2020 is expected to fall by 0.81 million barrels daily year-on-year and will average some 6.8 million bpd, while US liquids production will contract 1.4 million bpd this year, the OPEC said on Wednesday.
"US tight crude production is forecast to drop by 0.81 mb/d y-o-y, to average 6.88 mb/d ... The US liquids production growth forecast for 2020 was revised up by 0.01 mb/d due to higher-than-expected NGLs output in March, and is now forecast to contract by 1.43 mb/d y-o-y, for an average of 16.96 mb/d," the cartel said in its monthly report.
The US crude oil production in 2020 will decline by some 10 percent or 1.1 million bpd year-on year and will average 11.10 mb/d, according to the report.
"However, assuming an oil price recovery and growing demand, US crude oil production is projected to gradually recover in 4Q20 and begin growing into the next year. Moreover, the forecast US liquids supply contraction of 1.43 mb/d for 2020 is also due to an anticipated decline in biofuels production and lower NGLs output growth," the cartel added.
