EIA Raises Both 2017, 2018 U.S. Crude Production Forecasts
- 2018 crude output seen rising to 9.91 million barrels a day
- WTI, Brent 2017 forecasts reduced, 2018 estimates unchanged
Macro Risk's Kettenmann Remains Cautious on Oil
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U.S. producers are seen pumping away, even with the price of West Texas Intermediate crude lingering below $50 as barrel, according to the latest government estimates.
Domestic output will average 9.91 million barrels a day next year, the U.S. Energy Information Administration said in its monthly Short-Term Energy Outlook released Tuesday. That’s up from 9.9 million barrels estimated in July, when the EIA lowered its forecast for 2018 production for the first time since the agency started posting the estimates in January.