US energy agency forecasts a boost in US oil output & higher demand

Author: Eamonn Sheridan | Category: News

We get some inventory data around the bottom of the hour from the private survey 

While wait, here is the U.S. Energy Information Administration:
  • "The general decline in U.S. crude oil production that began almost two years ago is likely over, as higher average oil prices and improvements in drilling efficiency are giving a boost to output"
That's from a statement with its monthly short-term energy forecast (released Tuesday)
  • EIA expects crude oil production to rise by 110,000 bpd to 9 million barrels per day
  • And for 2018, expects +300,000 bpd to 9.3 million bpd
Says 2017 U.S. oil demand appears to be growing faster
  • EIA forecast a rise by 260,000 bpd compared to 240,000 bpd growth forecast previously
  • For 2018 forecast is for +370,000 bpd to 20.22 million bpd