‘US oil production will not recover to pre-Covid-19 levels in 2021’

US monthly output is not likely to exceed 11.7 million barrels per day before 2022, according to a new report

US oil production will not recover to pre-Covid-19 levels in 2021.

That’s according to Rystad Energy which estimates US monthly output is not likely to exceed 11.7 million barrels per day (bpd) before 2022, a ‘staggering’ difference from the nearly 12.9 million bpd achieved in March 2020.

The independent energy research company also suggests after June 2020 oil production will recover a bit in autumn, ending at around 11.1 million bpd in December.

Rystad Energy’s Head of Shale Research Artem Abramov, said: “A major portion of the decline throughout 2Q20 stems from production curtailments and not from natural decline due to the collapse in frac activity.”

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