EIA expects OPEC to further cut crude oil production in 2020

crude oil
crude oil

The U.S. Energy Information Administration (EIA) on Tuesday forecast that the Organization of the Petroleum Exporting Countries (OPEC) will reduce crude oil production in 2020.

In its February Short-Term Energy Outlook (STEO), the EIA expected OPEC to cut crude oil output by 0.5 million barrels per day from March through May because of lower expected global oil demand in early 2020, and the production will average 28.9 million barrels per day in 2020, which is 0.3 million less than forecast in the January STEO.

In general, the EIA estimated that OPEC will limit production through all of 2020 and 2021 to target relatively balanced global oil markets. Enditem

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