On April 16th, the US Energy Information Administration (EIA) announced on Tuesday that US oil production will peak at 14 million barrels per day in 2027 and maintain this level until 2030 before rapidly declining. The statistics department of the US Department of Energy stated in its Annual Energy Outlook that by 2050, the world’s largest oil producing country’s oil production will decrease from approximately 13.7 million barrels per day this year to approximately 11.3 million barrels per day. At the same time, the forecast shows that the recovery of US oil demand after the COVID-19 epidemic will end next year. In 2019, before the COVID-19, the average oil consumption of the United States was 20.54 million barrels per day. The highest historical record was 20.8 million barrels per day in 2005.
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