2020 outlook for US crude wobbles further

Brent price surpasses $74 per barrel

U.S. crude oil production is expected to fall by 860,000 barrels per day (bpd) in 2020 to 11.39 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a bigger decline than its previous forecast for a drop of 800,000 bpd. U.S. crude oil production has recovered from the two-and-a-half-year lows touched in May mainly because shale producers have brought wells back online in response to rising prices, reports Reuters. However, the EIA expects U.S. crude oil production to generally decline to an average of 11 million bpd in…

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