EIA expects higher oil production in 2021

The U.S. Energy Information Administration forecasts crude oil production will rise to almost 11.0 million b/d in March.

EIA expects U.S. crude oil production will average 11.1 million b/d in 2021 and 12.0 million b/d in 2022.

In 2020, production averaged 11.3 million b/d, down from 12.2 million b/d in 2019.

EIA’s current forecast for U.S. crude oil production in 2022 is 0.5 million b/d higher than in last month’s STEO because of higher expected crude oil prices.

EIA estimates that U.S. crude oil production averaged 10.4 million b/d in February, which is down 0.5 million b/d from estimated January production. Most of the decline reflects the cold temperatures that affected much of the country, particularly Texas.