Canada is the largest source of US energy imports and the second-largest destination for US energy exports behind only Mexico, according to the EIA.
The EIA forecasts that the decrease will be driven by declines in natural gas used in the industrial, commercial, and residential sectors.
The EIA forecasts US crude oil production to fall in 2020 and 2021 as efforts to mitigate the spread of COVID-19 continue to affect demand and prices.
Recent declines in demand for petroleum products have contributed to record increases in US commercial crude oil inventories.
In 2019, for the first time since 1957, energy production exceeded energy consumption in the US on an annual basis, according to the EIA’s Monthly Energy Review.
EIA has analysed how low liquidity and limited available storage pushed WTI crude oil futures prices below zero.
The US EIA reports that falling demand and increasing supply have made daily price changes for the US benchmark crude oil West Texas Intermediate extremely volatile
The US EIA reports on several underlying assumptions about OPEC’s posture regarding targeted production output, and what effect it may have on global oil balances and prices.
US natural gas production grew by 9.8 billion ft3/d in 2019, according to the US Energy Information Administration.