EIA: U.S. Oil & NatGas Production Will Fall in 2021, Rise in 2022

In its January 2021 Short-Term Energy Outlook (STEO) just released, the U.S. Energy Information Administration (EIA) forecasts annual average production of U.S. oil will fall to 11.1 million barrels per day (b/d) in 2021 before rising to 11.5 million b/d in 2022. As for natural gas, EIA says U.S. marketed natural gas production will decline by 2% to an average of 95.9 billion cubic feet per day (Bcf/d) in 2021. Like oil, EIA predicts the fall in natgas production will reverse in 2022 and will rise by 2% to 97.6 Bcf/d.

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