Amid Saudi-Russia price war, US on track to become net oil importer: Report
The coronavirus and the Saudi-Russia oil price war are contributing to a fall in US oil production and the United States is expected to become a net oil importer again in the fall.
The United States will soon import more oil than it produces, with production expected to decline by some 500,000 barrels per day in 2020, a government report finds.
In its report released Tuesday, the US Energy Information Administration says it expects the United States to become a net importer of crude oil and petroleum during the third quarter of 2020.
"Net crude oil imports are expected to increase because as U.S. crude oil production declines, there will be fewer barrels available for export,” the US Department of Energy’s statistical agency says in the report.
The Energy Information Administration says US crude oil production will likely fall to 11.8 million barrels per day this year, down 500,000 barrels per day from 2019. In 2021, production is expected to drop by 700,000 more barrels per day.
