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November 2018
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Wednesday, 07 November 2018 13:00

EIA expects lower oil prices

EIA expects lower oil prices

U.S. crude oil production is rising at a faster rate than EIA previously anticipated. Crude oil production reached a new monthly record of 11.3 million barrels per day (b/d) in August 2018, according to EIA’s latest Petroleum Supply Monthly, and surpassed 11 million b/d for the first time. EIA now expects U.S. crude oil production to average 12.1 million b/d in 2019, compared with a forecast of 11.8 million b/d in the October STEO, Caspian Energy News (www.caspianenergy.net) reports with reference to October Short-Term Energy Outlook (STEO) by the U.S. Energy Information Administration.

EIA forecasts Brent crude oil prices to average $72 per barrel (b) in 2019, which is $3/b lower than previously forecast. EIA expects West Texas Intermediate crude oil prices to average $65/b in 2019, which is $5/b lower than previously forecast. The lower crude oil price forecasts are partly the result of higher expected crude oil production in the United States in the second half of 2018 and in 2019, which is expected to contribute to growth in global oil inventory and put downward pressure on crude oil prices.

More detail: https://www.eia.gov/outlooks/steo/pdf/steo_full.pdf

Person in charge of the newsline: Olga Nagiyeva 

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