US oil production to contract more than previously predicted in 2021: EIA

U.S. crude oil production is expected to drop 270,000 barrels per day (barrels per day) in 2021 to 11.04 million barrels per day, the United States Energy Information Administration (EIA) said on Tuesday that the decline is sharper than its previous forecast for 160,000 barrels per day.

The agency expects U.S. consumption of oil and other liquid fuels to rise 1.32 million barrels per day to 19.44 million barrels per day in 2021, up from a previous forecast of 1.41 million barrels per day.
Source: Reuters (Devika Krishna Kumar Report in New York; Editing by Chris Reese)