The US Energy Information Administration (EIA) lowered its forecast on crude prices for 2017, while raising its estimates US oil production for the year, according to the agency’s latest short-term energy outlook.

 

Brent crude oil prices are expected to average $53 per barrel (bbl) in 2017, down $1 from the previous forecast report. The benchmark grade is expected to average $57/bbl in 2018 – the same as the last forecast.

 

West Texas Intermediate (WTI) crude oil is forecast to average $2/bbl less than Brent in both 2017 and 2018.

 

US crude oil production is forecast to average 9.3 million barrels per day (bpd) in 2017 and almost 10 million bpd in 2018, which surpasses EIA’s previous 2018 estimates of all-time peak of 9.9 million bpd.  

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EIA cuts Brent price forecast for 2017; US output seen higher

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