Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Natural Gas | Oil

Monthly US oil production to peak next month: EIA

Agriculture | Energy | Coal | LNG | Oil | Crude Oil | Gasoline | Metals | Steel | Raw Materials | Shipping | Storage

Market Movers Asia, Apr 6-10: OPEC+ delays oil output cut talks; COVID-19 continues to disrupt markets

Oil

Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Energy | Oil | Crude Oil

Infographic: OPEC and world oil producers seek a coronavirus exit strategy

Monthly US oil production to peak next month: EIA

Highlights

US oil output to average 12.99 mil b/d in 2020, 12.66 mil b/d in 2021

WTI forecast cut to $38.19/b in 2020, $50.36/b in 2021

Brent forecast cut to $43.30/b in 2020, $55.36/b in 2021

US oil production, which the US Energy Information Administration forecast last month would cross the 14 million b/d threshold in late 2021, is now forecast to peak just above 13.2 million b/d next month and then fall by as much as 660,000 b/d into 2021 as US shale operators struggle with low prices, the agency said Wednesday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

In its Short-Term Energy Outlook Tuesday, EIA said it now expects US oil output to average 12.99 million b/d in 2020 and 12.66 million b/d, down 210,000 b/d and 900,000 b/d, respectively, from last month's forecast. It would be the first year-on-year fall in US oil output since 2016, EIA said.

The report, traditionally released on Tuesday, was delayed by a day in response to the historic decline in prices which followed the collapse of the OPEC+ production agreement Friday and the ongoing battle for market share between Saudi Arabia and Russia.

EIA now forecasts WTI spot prices to average $38.19/b in 2020 and $50.36/b in 2021, down $17.52/b and $11.67/b, respectively, from last month's forecast. Brent is now forecast to average $43.30/b this year and $55.36/b next year, down $17.95/b and $12.17/b, respectively, from last month's report.

The agency said that its models show oil prices affecting production after a roughly six-month lag, but said US oil output would climb to a record 13.21 million b/d in April, a nearly 1.1 million b/d increase from April 2019, and then begin to decline in May, falling below 13.2 million b/d. By July 2021, US oil output will fall to 12.55 million b/d, the lowest since September 2019.

EIA said it expects US oil production growth in 2020 to take place largely in the Permian. In 2021, however, the Permian is expected to have no growth and the Bakken and Eagle Ford are forecast to have the largest falls.