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U.S. Government Lowers Domestic, World 2019 Oil Output Forecasts

  • Global output forecast lowered to 102.21 million a day: EIA
  • Domestic output estimate lowered to 11.76 million a day
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OPEC Cites Demand Uncertainty Ahead of Production Decision

Next year, the U.S. government doesn’t see global or U.S. crude production as high as it once did.

The Energy Information Administration decreased its 2019 forecast for global production to 102.21 million barrels a day, with most of the downward revision from the Organization of Petroleum Exporting countries. World demand growth is unchanged. At the same time, it sees U.S. crude production averaging 11.76 million barrels a day, 10,000 barrels a day lower than the May outlook.