EIA Raises US Oil Production Growth Forecast for 2018

The U.S. Energy Information Administration said on Wednesday it expects U.S. crude oil production in 2018 to rise by more than previously expected.

 

The agency forecast that 2018 crude oil output will rise by 680,000 barrels per day (bpd) to 9.92 million bpd. Last month, it expected a 590,000 bpd year-over-year increase to 9.84 million bpd.

 

For 2017, it forecast a rise of 380,000 bpd to 9.24 million bpd. Last month, it expected a 400,000 bpd increase to 9.25 million bpd, according to the EIA's monthly short-term energy outlook.

 

Meanwhile, the agency forecast that U.S. oil demand for 2017 is set to grow by 230,000 bpd compared with previous forecast of 350,000 bpd. For 2018, oil demand is expected to rise by 420,000 bpd vs 400,000 bpd previously.


(Reporting by Catherine Ngai)