The U.S. Energy Information Administration’s (EIA) Annual Energy Outlook 2021 Reference case, which assumes current laws and regulations through 2050, projects domestic crude oil production to return to 2019 levels by 2023 and then remain near 13 million to 14 million barrels per day (b/d) through 2050. The United States continues to be an integral part of global oil markets and a significant source of supply, despite uncertainty surrounding post-pandemic expectations for oil and natural gas demand.
