On Tuesday, the US Energy Information Administration lowered its forecast for global oil demand growth in 2021 by 280,000 barrels per day to 6.25 million barrels per day.
In its monthly forecast, the administration reduced its estimate of demand growth in 2020 by 300 thousand barrels per day to 8.62 million barrels per day.
The administration also said that US production of crude oil will decline by 800 thousand barrels per day this year to 11.45 million barrels per day, which will be less than its estimate in the previous month, which was a drop of 870 thousand barrels per day.
The administration estimates that production will rise to 11.2 million barrels per day in September and said it expects overall production to decline to an average of 11 million barrels per day in the second quarter of 2021 because new drilling activities will not generate enough production to offset the decline in existing wells.
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 US production of crude will decline 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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