The US Energy Information Administration predicts that, despite falling crude oil prices, US crude production will still manage to rise to 10.6 million barrels per day in 2020, a million barrels more than was predicted in 2014, and that, by 2040, US production should settle out at 9.4 million bpd.
The increased rate in crude production will mainly be achieved from increased domestic onshore oil output, primarily from US shale plays.
Using the 2013 value of the dollar as its measure, the report’s reference case predicts Brent crude prices of $56 a barrel in 2015, rising to about $91 a barrel in 2025, $10 a barrel less than levels expected a year ago.
The EIA report also said that onshore production in the US Lower 48 states is expected to reach 5.6 million bpd in 2020 in the reference case, 34% more than was predicted in 2014. The EIA also noted that increased oil drilling in 2015, as compared to last year, will also help spur US domestic oil production outputs.