EIA: US Oil Production to Peak by 2027

EIA: US Oil Production to Peak by 2027

New York, April 16 (QNA) – US oil production will peak at 14 million barrels per day in 2027 and maintain that level through the end of the decade, before rapidly declining, the US Energy Information Administration said.

Oil output from the world”s largest producer will fall to about 11.3 million bpd in 2050, from around 13.7 million bpd this year, the statistical arm of the US Department of Energy said in its Annual Energy Outlook.

Meanwhile, the post-pandemic recovery in US oil demand will end next year, forecasts showed. Total product supplied, the EIA’s measure of demand, will edge up from 20.51 million bpd this year to 20.52 million bpd next year, EIA data showed.

The EIA last week lowered its global oil demand growth forecasts for this year and next, citing potentially weaker economic activity due to an intensifying US trade war with China.

The agency also sharply cut its oil price forecasts and reduced its outlook for US oil production growth for 2025 and 2026 as a result of the demand uncertainty. (QNA)

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