NEW YORK (Reuters) - The U.S. Energy Information Administration said on Tuesday it expects domestic crude oil production in 2018 to rise by more than previously expected.
In its monthly short-term energy outlook, the agency forecast that U.S. crude oil output will rise by 1.26 million barrels per day (bpd) to 10.59 million bpd in 2018. Last month, it expected a 970,000 bpd year-over-year increase to 10.27 million bpd.
Meanwhile, the agency forecast that U.S. oil demand for 2018 is set to grow by 450,000 bpd, lower than its previous forecast of 470,000 bpd growth.
For 2019, it slightly raised its production growth forecast to an increase of 590,000 bpd to 11.18 million bpd. Last month, it expected a 580,000-bpd increase to 10.85 million bpd.
For 2019, oil demand is expected to rise by 350,000 bpd versus 340,000 bpd previously.
Reporting by Devika Krishna Kumar in New York; Editing by David Gregorio