• 7 hours The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 7 days "And this is perhaps the most dangerous kind of government there can be."
  • 2 days Demonising fossil fuels has caused major grid problem in Australia
  • 1 day "...too many politicians believe things that aren’t true." says Robert Rapier
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 328 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 6 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

EIA Sees 2017 U.S. Oil Output Rising By 110,000 Bpd

The Energy Information Administration said in its latest Short-Term Energy Outlook that crude oil production in the U.S. this year will average 9 million barrels daily, or 110,000 bpd more than last year.

The figure is a substantial upward revision on the 80,000-bpd decline that the EIA forecast in the December edition of the Short-Term Energy Outlook.

What’s more, the prospects for 2018 are also rosy, production-wise, with output seen to rise further to 9.3 million barrels daily, with domestic demand averaging 20.22 million bpd in 2018, up by 370,000 bpd from 2017.

The EIA also noted in its monthly report that this production increase will pressure prices, keeping them closer to US$50 than US$60, which is likely to deepen concerns about the short-term prospects of oil prices, adding to doubts about the effectiveness of OPEC’s production cut deal.

These doubts were there from the very start, with a number of analysts pointing out that OPEC members and non-OPEC producers such as Russia have a history of cheating whenever a concerted effort is made by producers to improve prices by cutting production.

This time is no different, with most observers expecting Iraq to be the first one to fall off the supply-curb wagon because of its almost exclusive dependency on oil export revenues. Yet, besides Iraq, which is a party to the deal, there are also Iran, Libya, and Nigeria, which have all been exempted from it.

All these countries are increasing their production, as are U.S. producers, all of them seeking to make the best of the higher prices while they last. This, according to EIA will not last for long: the agency expects WTI to average US$52 a barrel this year and US$55 in 2018, with Brent US$1 higher than this in both years.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News