EIA: U.S. to Become Net Petroleum Importer Again in 2021-22

SUGAR LAND--February 22, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--While the U.S. has been a net importer of crude oil and other petroleum products for most of its history, that changed in 2020, when the country became a net petroleum exporter. According the U.S. Energy Information Administration (EIA), the U.S. reached its most recent peak of crude oil production in November 2019, when it produced 12.9 million barrels per day (BBL/d). However, due to well curtailment and a drop in drilling activity brought about low oil prices caused by the COVID-19 pandemic, U.S. crude oil production declined to an average production of 11.3 million BBL/d in 2020. While this production figure is expected to gain some ground in the coming two years, the EIA does not expect U.S. production to regain its former peaks this year or next year.