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US Crude output to decline as prices remain soft – Commerzbank
Key Takeaways (30s Read)
The US EIA forecasts US crude production to remain near 13.6 million bpd by 2026, with a decline in 2024 due to lower oil prices.
The US Energy Information Administration (EIA) predicts that US crude production will reach approximately 13.6 million barrels per day (bpd) by 2026. However, there is a forecasted gradual decline in production for 2024 due to lower oil prices, driven by reduced drilling activity. The oil market is currently facing an imbalance of demand and supply, with softening prices largely attributed to a slowdown in global economic growth. Given this ongoing situation, US crude production is likely to be under pressure. Upcoming developments regarding supply reductions will be critical to monitor, as they could significantly impact oil prices.
AI Analyst
AI Opinion
"The forecasted decline in US crude production could have a significant impact on the oil market's supply-demand balance. Current softening of oil prices is stemming from a slowdown in economic growth, resulting in an unstable market environment. The anticipated production decrease in 2024 is somewhat negative for traders looking for price rises. Investors should pay close attention to the reduction in drilling activity and new supply trends. Effective risk management will be crucial given the potential for future price increases stemming from production cuts."
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