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EIA cuts U.S. oil production growth forecast for 2018
August 8, 2017 / 5:25 PM / 2 months ago

EIA cuts U.S. oil production growth forecast for 2018

NEW YORK (Reuters) - The U.S. Energy Information Administration said on Tuesday it expects U.S. crude oil production in 2018 to rise by less than previously expected.

FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder/File Photo

The agency forecast that 2018 crude oil output will rise by 560,000 barrels per day to 9.91 million bpd. Last month, it expected a 570,000 bpd year-over-year increase to 9.9 million bpd.

For 2017, it forecast a rise of 500,000 bpd to 9.35 million bpd. Last month, it expected a 460,000 bpd increase to 9.33 million bpd, according to the EIA’s monthly short-term energy outlook.

Meanwhile, the agency forecast that U.S. oil demand for 2017 is set to grow by 340,000 bpd compared with a 310,000 bpd previously. For 2018, oil demand is expected to rise by 330,000 bpd vs 360,000 bpd previously.

Reporting by Catherine Ngai; Editing by Chizu Nomiyama

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