The US Energy Information Administration annual report highlights:
RTRS: "The U.S. government on Tuesday forecast domestic crude production will rise even more than expected a year ago, undeterred by the worst price rout since the financial crisis."
- US production will peak at 10.6mbpd, from 9.55mbpd in last year's report
- EIA expects a faster oil drilling pace this year than it saw last year
- Forecast WTO at $73/barrel in 2020
- Sees exports of 630K bpd in 2020 vs 130k bpd in last year's report
- Full report (pdf)
- Live stream of the press conference
"Advanced technologies are reshaping the U.S. energy economy," EIA Administrator Adam Sieminski said in an e-mailed statement. "With continued growth in oil and natural gas production, growth in the use of renewables and the application of demand-side efficiencies, the projections show the potential to eliminate net U.S. energy imports in the 2020 to 2030 timeframe."
There are some crazy oil price projections in the report:
The headlines are bearish but the report is generally focused on the longterm. WTI took a small fall down to $53.40 on the headlines, giving up about 30 cents.
Oil is at a dangerous pivot point. It's been repeatedly rejected just above $54 but this is the fifth trip to that level since early February and those stops to the topside look awfully attractive.