U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for the 12th consecutive week.

According to the Energy Information Administration’s (EIA) short-term energy outlook for July, crude oil production in the U.S. will average 11.6 million bbl/d in 2020 and 11 million bbl/d in 2021. Output averaged 12.2 million bbl/d of oil in 2019. 

However, if a federal judge is successful in shutting down the Dakota Access pipeline from early August until mid-2021 pending a new environmental impact study, production will likely be lower as Bakken operators shut in uneconomic volumes and shift investment to other areas, Enverus said.

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