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On July 7, the U.
S.
Energy Information Administration (EIA) said on Wednesday that US crude oil production in 2021 is expected to decrease by 210,000 barrels per day to 11.
1 million barrels per day, which is lower than the previously expected 230,000 barrels per day
.
EIA said that if the current higher oil prices remain unchanged, drilling activities in the United States may accelerate by the end of this year and steadily climb to 2022
.
Driven by the Organization of Petroleum Exporting Countries (OPEC) and its allies, namely OPEC's production restrictions, oil prices rebounded to their highest level in about three years
.
This may prompt some U.
S.
producers to increase drilling activities, and the total number of wells in June has increased for the 11th consecutive month
.
EIA said that if WTI crude oil prices remain above $60/barrel, this situation will change
.
In the past, the price level of $60/barrel indicated that the activities of US operators were very active
.
EIA said that because the change in the number of rigs usually lags behind WTI prices by 3-6 months, and the output lags behind the number of rigs by 2 months, the output may not increase before the end of this year
.
EIA predicts that US crude oil production in the third quarter will average 11.
2 million barrels per day, and thereafter steadily increase, from 11.
3 million barrels per day in the fourth quarter of 2021 to 12.
2 million barrels per day in the fourth quarter of 2022
.
The report predicts that the average US oil production in 2021 will be 11.
1 million barrels per day and 11.
85 million barrels per day in 2022
.
S.
Energy Information Administration (EIA) said on Wednesday that US crude oil production in 2021 is expected to decrease by 210,000 barrels per day to 11.
1 million barrels per day, which is lower than the previously expected 230,000 barrels per day
.
EIA said that if the current higher oil prices remain unchanged, drilling activities in the United States may accelerate by the end of this year and steadily climb to 2022
.
Driven by the Organization of Petroleum Exporting Countries (OPEC) and its allies, namely OPEC's production restrictions, oil prices rebounded to their highest level in about three years
.
This may prompt some U.
S.
producers to increase drilling activities, and the total number of wells in June has increased for the 11th consecutive month
.
EIA said that if WTI crude oil prices remain above $60/barrel, this situation will change
.
In the past, the price level of $60/barrel indicated that the activities of US operators were very active
.
EIA said that because the change in the number of rigs usually lags behind WTI prices by 3-6 months, and the output lags behind the number of rigs by 2 months, the output may not increase before the end of this year
.
EIA predicts that US crude oil production in the third quarter will average 11.
2 million barrels per day, and thereafter steadily increase, from 11.
3 million barrels per day in the fourth quarter of 2021 to 12.
2 million barrels per day in the fourth quarter of 2022
.
The report predicts that the average US oil production in 2021 will be 11.
1 million barrels per day and 11.
85 million barrels per day in 2022
.
