US oil production will average a record-setting 10.85 million b/d in 2019, an increase of 1.55 million b/d compared with 2017, despite expectations of increases of just $6.64/b and $7.28/b in WTI and Brent prices over that time period, the US Energy Information Administration said Tuesday. In its Short-Term Energy Outlook Tuesday, the agency unveiled its first forecasts for 2019, calling for modest increases in prices and liquid fuels consumption and continued historic US crude output levels. EIA forecasts crude production will average 10.27 million b/d this year, up nearly 1 million b/d compared with 2017 and the highest output forecast the agency has made to date. “If achieved, forecast 2018 production would be the highest annual average on record, surpassing the previous record of 9.6 million b/d set in 1970,” EIA said in the report. Crude production is expected to average 10.85 million b/d in 2019 and will […]