Domestic Oil Output Fall Seen
Domestic oil production will continue to fall this year even if world oil prices remain relatively stable, the Energy Department predicted Wednesday.
Net imports of crude oil and refined products rose almost 25% or 1 million barrels per day in 1986, but the increase this year should be only 470,000 barrels, the department’s Energy Information Administration said in its quarterly forecast.
Overall petroleum use, which rose 2.5% in 1986 to 16.13 million barrels a day, should increase only 0.9% to 16.28 million barrels during 1987, according to the forecast.
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