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1/14, 6:43 PM (Source: TeleTrader)
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EIA boosts US crude output to 13.3M bpd in 2020

In its latest short term energy outlook report released on Tuesday, the Energy Information Administration raised the outlook for US crude production in 2020 to 13.3 million barrels a day, up from December's estimate of 13.18 million barrels per day. In 2021, the output is expected to grow further and reach 13.7 million barrels a day.

The US is expected to pump 1.06 million barrels per day more this year than in 2019 when, according to the agency's latest estimates, the country's crude production averaged 12.2 million barrels.

When it comes to imports of crude, the EIA said that US imports of crude and petroleum products fell from an average of 2.3 million barrels in 2018 to 0.5 million barrels a day in 2019.

With regard to crude prices, the EIA forecasts Brent to average $65 per barrel next year and $68 per barrel in 2021. Meanwhile, WTI's average price is expected to land at $59.5 in 2020.

Breaking the News / GG