RE: US production collapsing....17 Jan 2021 16:12
EIA expects L48 crude oil production to decline through February 2021 because declining legacy well production will offset production from new wells. For U.S. tight oil production, EIA analysis shows that changes in oil prices affect changes in crude oil production with about a six-month lag. EIA expects that recent increases in the oil price and in active drilling rigs will contribute to L48 production beginning to grow in the second quarter of 2021. Despite the steady increase in L48 crude oil production from the second quarter of 2021 forward, EIA expects that average 2021 L48 production will be 8.9 million b/d, or 3% lower than 2020 production levels