The U.S. Energy Information Agency (EIA) on Tuesday slashed its domestic crude oil production forecast by 110,000 barrels a day and 170,000 barrels a day for this year and next, respectively, due to lower production expectations in the Gulf of Mexico, Nairobala and Anadarko shale prospects, according to Washington Energy Information.
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EIA said in its monthly short-term energy outlook report that US oil production is expected to average 12.3 million barrels per day this year and 13.03 million barrels per day in 2020.
EIA expects U.S. producers to produce 13 million barrels of oil a day for the first time in the third quarter of next year, a quarter later than last month’s forecast.
“Oil production in the United States is expected to set a new record this year and next,” Linda Capuano, director of the U.S. Energy Information Agency, said in a statement.
The EIA said that the United States would become a net exporter of oil for the first time in December, with crude oil and finished oil output up to 240,000 barrels a day over imports.
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By 2020, the United States is expected to remain a net exporter of oil, exporting more than 70,000 barrels a day on average. In 2018, the average net import volume of U.S. oil was 2.34 million barrels per day, and it is expected to reach 950,000 barrels per day in 2019.
In its monthly short-term energy outlook report, EIA raised its expectations for the average prices of Brent crude oil and West Texas intermediate crude oil this year.
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