• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 13 mins Shale Oil Fiasco
  • 16 mins Everything you think you know about economics is WRONG!
  • 4 mins USA v China. Which is 'best'?
  • 12 hours Tesla Launches Faster Third Generation Supercharger
  • 15 hours Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 11 hours Quotes from the Widowmaker
  • 4 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 23 hours READ: New Record Conoco Eagleford Vintage 5 wells, their 5th generation Test Wells . . Shale going bust . . . LAUGHABLE
  • 15 hours Offshore is changing
  • 2 days Global Debt Worries. How Will This End?
  • 1 day You long it you short it it is Here for a long time since Trump signed it
  • 2 days IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years

Breaking News:

Libyan Oilfield Is Offline Again

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

EIA Sharply Cuts Oil Price Forecast

The EIA has revised downward again its oil price forecast in October’s Short Term Energy Outlook (STEO), shaving another $5 per barrel off its forecast compared to last month’s STEO.

The reason for the downward adjustment to oil predictions, which it now expects will be fall to $57 per barrel by the second quarter of 2020, is due to the rise of global oil inventories during the first half of 2020.

Brent spot prices averaged $63 per barrel in September.

While the EIA acknowledges the greater risk of oil supply disruptions as of late, it remarks that this risk is more than offset by “increasing uncertainty about economic and oil demand growth in the coming quarters.”

The EIA estimates that crude oil production from OPEC averaged 28.2 million bpd in September, which is down 1.6 million bpd from August. US production was also down for the last month for which there is data: 11.8 million bpd for July, which is 0.3 million bpd down from June production.

The EIA forecasts 29.8 million bpd for the full year 2019 crude oil production, which is down 2.1 million bpd from full year 2018. Full year 2020 OPEC production is expected to be under 2019, at 29.6 million bpd. For the United States, full-year 2019 production is expected to average 12.3 million bpd, which is 1.3 million bpd over 2018. Full-year 2020 production in the United States is expected to increase to 13.2 million bpd, reaffirming global fears that US production increases will more than offset OPEC’s curbs for next year.

Production for both OP­­EC and the United States averaged 42.9 million bpd in 2018, is expected to average 42.1 million bpd in 2019, and 42.8 million bpd in 2020.

By Julianne Geiger 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
Download on the App Store Get it on Google Play