KONTAN.CO.ID - NEW YORK. U.S. crude oil production is expected to fall 870,000 barrels per day to 11.38 million bpd this year, a less steep decline than the 990,000 bpd previously forecast, the U.S. government said on Wednesday. Nations worldwide, including the United States, have throttled back oil output in response to the coronavirus pandemic, and as fuel demand has dropped sharply. U.S. production dropped from 12 million bpd to roughly 10.5 million bpd. That helped U.S. prices, which briefly fell to minus-$40 a barrel, recover to nearly $45 in recent weeks. A swifter rebound in output could create another supply glut. Lately, oil futures have slipped to near three-month lows due to oversupply fears. Saudi Arabia's state oil company Aramco cut the October official selling prices for its Arab light oil, a sign of softening demand.
U.S. 2020 crude output to fall less than previously expected -EIA
KONTAN.CO.ID - NEW YORK. U.S. crude oil production is expected to fall 870,000 barrels per day to 11.38 million bpd this year, a less steep decline than the 990,000 bpd previously forecast, the U.S. government said on Wednesday. Nations worldwide, including the United States, have throttled back oil output in response to the coronavirus pandemic, and as fuel demand has dropped sharply. U.S. production dropped from 12 million bpd to roughly 10.5 million bpd. That helped U.S. prices, which briefly fell to minus-$40 a barrel, recover to nearly $45 in recent weeks. A swifter rebound in output could create another supply glut. Lately, oil futures have slipped to near three-month lows due to oversupply fears. Saudi Arabia's state oil company Aramco cut the October official selling prices for its Arab light oil, a sign of softening demand.