In its latest report, the U.S. Energy Information Administration forecasted to U.S. oil output to increase by 840,000 barrels per day to 11.5 million bpd. In its previous report, the EIA expected the production to rise by 1.02 million barrels per day.
Key quotes (via Reuters)
- EIA forecasts 2018 U.S. Crude oil production to rise by 1.31 million bpd (unchanged from previous forecast).
- EIA forecasts U.S. oil demand to rise by 470,000 bpd in 2018 (unchanged from previous forecast).
- EIA forecasts U.S. Oil demand to rise by 250,000 bpd in 2019 (cut from 290,000 bpd previously).
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