The U.S. Energy Information Administration (EIA) on Tuesday forecast that U.S. crude oil production will average 13.3 and 13.7 million barrels per day in 2020 and 2021, respectively.
In its January Short-Term Energy Outlook (STEO), the agency estimated that U.S. crude oil production averaged 12.2 million barrels per day in 2019. Most of the production growth in the forecast occurs in the Permian region of Texas and New Mexico.
EIA also forecast that the United States will be a net exporter of total crude oil and petroleum products by 0.8 million barrels per day in 2020 and by 1.4 million barrel per day in 2021.
U.S. net imports of crude oil and petroleum products fell from an average of 2.3 million barrel per day in 2018 to an average of 0.5 million barrels per day in 2019. EIA estimated the United States has exported more total crude oil and petroleum products than it has imported since September 2019.
In its Annual Energy Outlook 2019 (AEO2019) released in January 2019, EIA forecast that the country would become a net energy exporter in 2020 thanks to its increasing output of crude oil and decreasing domestic consumption of petroleum products.
During the week ending Nov. 30, 2018, the United States exported more crude oil and petroleum products than it imported for the first time in weekly data going back to 1991. This was considered part of a longer-term trend: the United States was on the way to become a net energy exporter.
Editor:Cherie
