U.S. crude oil production is expected to fall by 160,000 barrels per day (bpd) in 2021 to 11.12 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly report on Tuesday, a smaller decline than its previous forecast for a drop of 210,000 bpd.
Oil prices have rebounded from the historic lows seen last year, prompting some U.S. producers to boost drilling activity. The total U.S. rig count has more than doubled since falling to a record low in August last year.
For 2022, U.S. crude production is expected to average about 11.8 million bpd, a rise of 650,000 bpd, smaller than the previous forecast for a rise of 750,000 bpd. The agency said it expects U.S. petroleum and other liquid fuel consumption to rise 1.58 million bpd to 19.70 million bpd in 2021, compared with a previous forecast for a rise of 1.52 million bpd.
"Our latest estimates show that gasoline consumption in May through July was higher than we had previously expected. Growth in employment and increasing mobility have led to rising gasoline consumption so far in 2021," the agency said.
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