Commodities
Oil Output in US Seen Rising More Than Expected as OPEC Cuts
- EIA lifts US production outlook to 13.19 million barrels a day
- Swelling global supplies hurt OPEC efforts to balance market
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Oil production in the US this year will increase faster than previously expected, helping cushion global supplies as OPEC and its allies restrict output, according to government forecasts.
US crude oil production is set to increase to 13.19 million barrels per day this year, up from from a previous projection of 13.1 million, the Energy Information Administration said in its Short-Term Energy Outlook released Tuesday. Output will increase to 13.65 million barrels next year, up 1.2% from the previous forecast, the agency said.