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U.S. Cuts Crude Output Forecast as Rout Weakens Shale Boom

  • Gasoline price seen falling to $2.03 a gallon by December
  • Brent crude price projections trimmed for this year, 2016
Updated on

The collapse of oil prices will have a slightly bigger impact on U.S. crude production this year and the next than previously estimated, the Energy Information Administration said.

The agency reduced its output forecast for this year by 1.5 percent to 9.22 million barrels a day, according to its monthly Short-Term Energy Outlook. It cut the 2016 forecast to 8.82 million from 8.96 million last month.