• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 7 hours 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours *****5 STAR Article by Irina Slav - "The Ugly Truth About Renewable Power"
  • 7 hours Сryptocurrency predictions
  • 11 hours Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 4 days Americans are not agreement capable.
  • 5 hours Joe Biden's Presidency
  • 3 days How US Capitalism Uses Nationalism
  • 3 days Forecasts for Natural Gas
  • 3 days The Painful Death of Coal
Chinese Oil Imports Dropped 11% In April

Chinese Oil Imports Dropped 11% In April

China’s crude oil imports in…

The “Great Car Comeback” Brightens Oil Demand Outlook

The “Great Car Comeback” Brightens Oil Demand Outlook

Despite high vaccination rates in…

India COVID Crisis Could Slow Global Oil Demand Rebound

India COVID Crisis Could Slow Global Oil Demand Rebound

India’s grim record-setting COVID wave…

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




Oilprice - The No. 1 Source for Oil & Energy News