The OPEC-led production cut agreement, output restraints in Canada, and sweeping new sanctions on Venezuelan crude flows will not be enough to offset US supply growth, which will keep Brent and WTI prices below 2018 levels, the US Energy Information Administration said Tuesday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “EIA forecasts that US crude oil production growth will offset decreases in OPEC production throughout the forecast,” the agency said in its Short-Term Energy Outlook. EIA forecasts total world oil production to climb to 104.1 million b/d in December 2020 from 101.83 million b/d in December 2018. An estimated 1.6 million b/d, or roughly 70%, of this 2.27 million b/d global growth will take place in the US, where increased output in the Permian and Gulf of Mexico is expected to fuel continued, record-shattering production, EIA said. “US production is on pace […]