U.S. shale output is expected to continue declining into next year if crude prices remain in the $40 to $45 range, according to Rystad, a Norwegian energy research firm.

Oil and gas companies have been forced to minimize exploration and production costs amid low crude prices. As a result, the average shale oil production is set to fall by 3.1 percent in 2020 to 7.5 million barrels per day, which is down from 7.7 million barrels per day in 2019, according to Rystad.

Furthermore, Rystad forecasts that shale output will decline further by another 2 percent to 3 percent in 2021 if crude prices remain diminished.

Learn more: MRT > U.S. shale production to fall another 3 percent in 2021