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US oil production is declining by 800 thousand barrels per day during 2020, today, Tuesday, October 6, 2020 07:53 pm
The administration expects that the average global consumption of petroleum and liquid fuels will reach 92.8 million barrels per day over the whole of 2020, down 8.6 million barrels per day from 2019, and then increase it to 6.3 million barrels per day in 2021.
It also expects US consumption to decline by 2.31 million barrels per day to 18.23 million barrels per day in 2020, slightly lower than its previous forecast, which was a decline of 2.12 million barrels per day.
For the year 2021, US demand is expected to increase 1.74 million barrels per day to 19.97 million barrels per day, compared to a previous forecast of 1.64 million barrels per day.
It is expected that the United States’ crude production will decline by 360 thousand barrels per day to 11.09 million barrels per day in 2021, while the previous estimate was to decrease 300 thousand barrels per day.
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