U.S. Trims 2020 Crude Production Forecast as Drillers Scale Back
- Producers have shut in wells in response to market downturn
- Prices recovering from historic lows as supplies are cut back
An active oil drilling rig stands in Midland, Texas on April 23.
Photographer: Matthew Busch/BloombergThis article is for subscribers only.
The U.S. trimmed its 2020 oil production forecast by a modest 70,000 barrels a day even as drillers are scaling back activity to historic lows.
Production will average 11.69 million barrels a day through December, down from a previous forecast of 11.76 million barrels, the Energy Information Administration said on Tuesday. The agency also pared its 2021 output estimate by 130,000 barrels a day to 10.9 million daily barrels.