Oil prices have faced increased pressure in 2017; if it’s not Nigeria and Libya output, it’s US shale. If it’s not US shale, it’s predictions of weakening demand. If it’s not predictions of weakening demand, it’s Iraq’s pledges to boost capacity despite production cut promises. If it’s not Iraq’s eager production plans, it’s OPEC’s failure to live up to expectations. And today, the Energy Information Administration is the one dealing the latest blow to oil prices, which had finally started to climb on news that Saudi Arabia was curbing oil exports in August. At 11:40am EST, WTI had climbed a hefty 3%, with Brent reaching $50 per barrel. The price climb may be short lived, especially in the wake of the EIA’s latest commentary on US crude oil production. U.S. crude oil output, according to the EIA, is now expected to rise to an average of 9.9 million bpd […]