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EIA projects smaller US oil output decline in 2021

The Energy Information Administration expects US oil production to slide by 190,000 barrels per day this year to 11.1 million bpd, compared to a previously forecast decline of 240,000 bpd, while US petroleum and other liquid fuel demand should rise by 1.45 million bpd to 19.51 million bpd. The agency also revised upward its 2021 oil price forecasts to an average $52.75 per barrel for Brent crude and $49.75 per barrel for West Texas Intermediate crude.

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