U.S. crude oil production will continue to set records, but the pace of growth could be slower than what was thought just a month ago, according to the EIA’s latest Short-Term Energy Outlook (STEO) which revised down output estimates compared to the previous month—a first downward revision in six months . According to the March STEO , U.S. crude oil production averaged 11.9 million bpd in February, down slightly from the January average. The EIA now expects U.S. oil production to average 12.3 million bpd this year and 13.0 million bpd next year, with most of the growth coming from the Permian. Compared to the EIA’s February STEO , the latest estimate lowers the expectation for 2019 U.S. crude oil production by 0.9 percent, from the 12.41 million bpd expected in February to 12.3 million bpd in the March forecast. For 2020, the EIA cut its production forecast by […]