EIA raises 2018 US oil output forecast to above 10 million barrels per day
EIA boosts production forecast, cuts price forecast
- Sees 10.01 mbpd in 2018, up from 9.96 mbpd
- Sees WTI average at $53.61 in 2018 from $55.10
- Raises world demand for 2018 to $110.08 mbpd from 99.93 mbpd
There's a good case for longs here with all the drama in the Middle East. Saudi Arabia is suddenly feeling very bold on the foreign policy front. Qatar isn't a big factor for oil production but the Saudis could feel emboldened to challenge Iran.
And these kinds of government forecast adjustments are like ratings agency changes -- they're always late.