Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » U.S. crude output to fall less in 2021 than previously forecast -EIA

    U.S. crude output to fall less in 2021 than previously forecast -EIA

    August 11, 2021
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Cushing, Okla., is a major oil storage site. Amid record oil production, some analysts worry the U.S. will run out of places to put it al

    New York — U.S. crude oil production is expected to fall by 160,000 barrels per day (bpd) in 2021 to 11.12 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly report on Tuesday, a smaller decline than its previous forecast for a drop of 210,000 bpd.

    Oil prices have rebounded from the historic lows seen last year, prompting some U.S. producers to boost drilling activity. The total U.S. rig count has more than doubled since falling to a record low in August last year.

    The EIA said it expects production to be relatively flat through October before beginning to rise in November and December and throughout 2022.

    For 2022, U.S. crude production is expected to average about 11.8 million bpd, a rise of 650,000 bpd, smaller than the previous forecast for a rise of 750,000 bpd.

    Output hit an all-time annual high of 12.3 million bpd in 2019, before the coronavirus pandemic crushed demand and prices.

    The agency said it expects U.S. petroleum and other liquid fuel consumption to rise 1.58 million bpd to 19.70 million bpd in 2021, compared with a previous forecast for a rise of 1.52 million bpd.

    U.S. gasoline consumption averaged 8.6 million bpd in the first half of 2021, up from 8.3 million bpd in the second half of 2020 but below the 9.3 million bpd in the second half of 2019, EIA said.

    “Our latest estimates show that gasoline consumption in May through July was higher than we had previously expected. Growth in employment and increasing mobility have led to rising gasoline consumption so far in 2021,” the agency said.

    Globally, consumption of petroleum and liquid fuels is forecast to average 97.6 million bpd for all of 2021, a 5.3 million bpd increase from 2020.

    The EIA forecast that global consumption of petroleum and liquid fuels will increase by 3.6 million bpd in 2022 to average 101.2 million bpd.

    • Reuters (Reporting by Devika Krishna Kumar in New York; Editing by Marguerita Choy)
    • Follow us on twitter

    Related News

    Angola’s Block 17 partners sign license extension

    Tinubu pardons Ken Saro-Wiwa, confers national honours on Ogoni Nine

    NCDMB Executive Secretary becomes member of APPO Board

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    “We want reparations”, oil-affected Niger Delta victims demand action

    June 13, 2025

    Transocean Coatings establishes affiliate at SIIFZ

    June 13, 2025

    LASG approves seven dedicated truck parks for Lekki Port axis

    June 13, 2025

    NCDMB Executive Secretary joins AEW 2025 amid focus on enhancing local capacity

    June 13, 2025

    AfDB to provide $184.1m for Africa’s largest solar energy and battery storage project

    June 13, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.