US oil output growth could decelerate by more than 50% next year - Bloomberg

Omkar Godbole FXStreet Contributor

US oil output growth could decelerate by more than 50% next year due to capital discipline or austerity in the Permian Basin, America’s shale-oil engine, according to the U.S. Energy Information Administration (EIA).

Key points

Supply to grow less than half a million barrels a day in 2021.
Output is seen reaching 13.7 million barrels a day next year.
Production is set to expand by 400,000 barrels a day, the weakest growth since at least 2017.

Ceteris paribus, slower US production growth could boost oil prices. Also, it could undermine America’s recent transition to being a net energy exporter, as noted by Bloomberg.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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