EIA Lowers US 2017, 2018 Crude Output Forecasts After Harvey

13 Sep 2017   Oil Supply, USA

The EIA revises both its 2017 and 2018 oil production forecast figures lower to reflect, in part, the effects of Hurricane Harvey. NEW YORK, Sept 12 (Reuters) – The U.S. Energy Information Administration on Tuesday revised both its 2017 and 2018 oil production forecast figures lower to reflect, in part, the effects of Hurricane Harvey. The statistical arm of the Department of Energy lowered its growth forecast to 400,000 barrels per day to 9.25 million bpd. Last month, it expected a 500,000-bpd increase to 9.35 million bpd. According to the EIA’s monthly short-term energy outlook, U.S. crude oil production in 2018 will rise by more than previously expected, although the total output figure was lowered due to the revision for 2017. The agency forecast 2018 crude oil output will rise by 590,000 bpd to 9.84 million bpd. Last month, it expected a 560,000 bpd year-over-year increase to 9.91 million […]

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