U.S. oil production will fall this year for the first time since 2016 as economic activity and demand for transportation fuels have cratered due to the coronavirus pandemic, causing a historic price crash.
The Energy Information Administration, the statistics arm of the Department of Energy, projected Tuesday that U.S. crude production will average 11.8 million barrels per day in 2020, down 500,000 barrels per day from 2019. The EIA expects U.S. oil production to fall another 700,000 million barrels per day in 2021, to just over 11 million barrels per day.
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