U.S. oil output to rise in 2020 more than previously expected: EIA - Reuters

U.S. oil output to rise in 2020 more than previously expected: EIA - Reuters:

U.S. crude oil production is expected to rise by 1.06 million barrels per day (bpd) in 2020 to a record of 13.30 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, above its previous forecast for a rise of 930,000 bpd.

The output in 2021 is forecast to rise by 410,000 bpd to 13.71 million bpd, according to the EIA.

“We forecast U.S. crude oil production will reach new records in 2020 and 2021, driven primarily by higher production in the Permian region of Texas and New Mexico,” EIA Administrator Linda Capuano said in a statement.

“Both global oil supply and consumption are expected to grow in 2020, with supply from non-OPEC producers, particularly the Unites States, Norway, Brazil, and Canada, more than offsetting declining production from OPEC.”