OPEC Downgrades Forecast For US Crude Oil Production In 2021 To 11.17Mbd - Report

MOSCOW (UrduPoint News / Sputnik - 13th September, 2021) OPEC in a report on Monday downgraded its forecast for US crude oil production in 2021 and now expects it to decline by 0.11 million barrels a day (mbd) to 11.17 mbd, while stressing that "the uncertainty regarding the financial and operational aspects of US production remains high."

Last month, the organization projected that the US crude oil production would fall by 0.

07 mbd, but the forecast was downgraded this month due to the Hurricane Ida and an explosion and fire at an offshore platform in Mexico, according to the report.

As for 2022, OPEC expects the US total crude production to grow by 0.60 mbd to 11.77 mbd, but warned of further uncertainty regarding the US output due to the sharp CAPEX shortages the country's industry experienced in 2020 against the background of low crude oil prices last year.