Higher U.S. crude output should pressure oil prices: EIA

10 May 2017   Prices, Shale Oil, USA

A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Higher crude output from the United States should pressure global oil prices through the end of 2018, the U.S. government said on Tuesday, ahead of a meeting later this month at which OPEC and non-member producers will discuss extending supply cuts. “Higher oil production from the United States, along with rising oil output from Canada and Brazil, is expected to curb upward pressure on global oil prices through the end of 2018,” said EIA Acting Administrator Howard Gruenspecht, in a statement. The United States, Canada and Brazil are not among producing countries including Russia who meet with OPEC this month to decide whether to continue output cuts of 1.8 million barrels per day in an effort to reduce a global crude glut and support prices. The U.S. Energy Information Administration said it expects domestic crude production […]

Comments are closed.