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The EIA has cut its oil output forecast for 2021, according to a recent report by Reuters.
On Tuesday (5/11), the EIA added 20,000 barrels per day (BPD) from its former oil production decline outlook, bringing its estimate to 290,000 BPD for 2021 (up from its former decline prediction of 270,000 BPD).
This move comes despite oil prices rebounding to pre-COVID levels. In spite of higher prices, the majority of E&P companies remain disciplined in regard to their spending for 2021 (due to investor pressure).
However, the EIA has also adjusted its 2021 fuel consumption outlook for the year - increasing its estimated gains from 1.32 million BPD to 1.39 million BPD.
This is in response to increased travel activities as the COVID-19 vaccine becomes more widely distributed.
2022 to See Production Jump, EIA Predicts
Looking toward next year, the EIA estimates that oil production will rise by 820,000 BPD. This would bring the production total to ~11.84 million BPD.
These numbers are unchanged from EIA's prior predictions.
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