May 13, 2020 - Energy & Climate
EIA again cuts U.S. oil production forecast amid coronavirus cutbacks
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The Energy Information Administration has again cut its U.S. oil production forecast as companies curb output amid the price and demand collapse driven by the coronavirus pandemic.
Driving the news: The agency now sees production averaging 11.7 million barrels per day this year and 10.9 million in 2021.
The big picture: Those estimates are slightly lower than the April edition of their monthly analysis.
- Back in January, which feels like a century ago, EIA estimated that U.S. production would average 13.3 million daily barrels this year and keep climbing to around 14 million in the fourth quarter of 2021.
Go deeper: Coronavirus drives oil to a "rapid and brutal adjustment"
