Sustained higher oil prices to spur U.S. output growth
Sustained higher oil prices are expected to spur higher U.S. oil output this year,
“At current prices, most U.S. onshore operators are economic, leaving a vast group of operators, from large public companies to private players, in good position to ramp up activity in 2H21 and build solid momentum for higher volumes in 2022.
Earlier this week, the Energy Information Administration said U.S. crude oil production is expected to fall by 160,000 bpd in 2021 to 11.15 million bpd, a smaller decline than its previous monthly forecast for a 290,000-bpd drop.
Oil prices have staged a spectacular recovery since hitting record lows last year at the height of the COVID-19 pandemic.
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