SPENCER PLATT / GETTY IMAGES NORTH AMERICA
The US Department of Energy said that US oil producers are expected to cut production by about two million barrels per day because falling crude prices force companies to scale back operations.
For its part, the US Energy Information Administration expected today, Tuesday, that oil production in the United States will drop by 470 thousand barrels per day in 2020 to 11.76 million barrels per day, in contrast to its previous expectations that were indicating an increase in production.
The Energy Information Administration also lowered its estimates of the US demand for oil and its derivatives, noting that it now expects consumption to drop by 1.33 million bpd to 19.13 million bpd in 2020, compared to an increase of 60,000 bpd in its previous forecast.
This comes ahead of the meeting of the oil-producing and non-OPEC member states to discuss reducing production and achieving stability in the oil market on April 9.
A meeting of energy ministers in the G20 countries is also scheduled for next Friday. The US Department of Energy confirmed the participation of Minister Dan Brolete in this meeting, which will be held via closed-circuit television.