In its latest Short-Term Energy Outlook (STEO), published this month, the EIA revised up its forecast of U.S. crude oil production by 30,000 bpd, or by 0.2 percent, from the October STEO. Forecasts for next year’s production are increased by 119,000 bpd, or by 0.9 percent, compared to the projections in the October outlook. One of the reasons for the EIA’s increased forecasts is the fact that it raised its estimate of crude oil prices. The EIA revised up its forecast of WTI Crude prices by $2 a barrel to $56 in November, and by $1 per barrel in both December and January to $55 and $54 a barrel, respectively. The slight rise in crude oil prices also prompted the EIA to increase its production forecast for the first half of 2020 because of its assumption of a six-month lag between a change in prices and a production response. […]