• 2 days Iraq Begins To Rebuild Largest Refinery
  • 2 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 2 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 2 days China's CNPC Considers Taking Over South Pars Gas Field
  • 2 days BP To Invest $200 Million In Solar
  • 2 days Tesla Opens New Showroom In NYC
  • 2 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 3 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 3 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 3 days Goldman Bullish On Oil Markets
  • 3 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 3 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 3 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 3 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 4 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 4 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 4 days Aramco On The Hunt For IPO Global Coordinators
  • 4 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 4 days India Feels the Pinch As Oil Prices Rise
  • 4 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 5 days API Reports Huge Crude Draw
  • 5 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 5 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 5 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 5 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 5 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 5 days Exxon To Start Reporting On Climate Change Effect
  • 6 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 6 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 6 days Forties Pipeline Could Remain Shuttered For Weeks
  • 6 days Desjardins Ends Energy Loan Moratorium
  • 6 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 6 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 6 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 9 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 9 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

U.S. Shale Sends OPEC Deal Back To Square One

U.S. Shale Sends OPEC Deal Back To Square One

OPEC’s view on U.S. shale…

Struggling Venezuela Launches Tender To Buy U.S. Crude

Struggling Venezuela Launches Tender To Buy U.S. Crude

Struggling Venezuelan state oil company…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

EIA Lowers Brent Forecast For 2018

Rig

Brent and West Texas Intermediate crude traded up on Tuesday, despite a new report by the Energy Information Administration (EIA) that lowered its outlook on average barrel prices in 2018.

Just like last month, the agency predicted a $53-Brent barrel in 2017, but lowered its forecast for 2018 by $1 to $56. WTI will go at a rate $2 lower than Brent in both years, the EIA said in its Short-Term Energy Outlook (STEO).

The report also included an evaluation of the Organization of Petroleum Exporting Countries’ (OPEC) expected controls on production for 2017 and 2018, after the group agreed to extend output cuts through March 2018.

“EIA forecasts OPEC crude oil production will average 32.3 million barrels per day (b/d) in 2017 and 32.8 million b/d in 2018,” it said.

The agency also slightly reduced its forecast for natural gas production in the report. Whereas the May report predicted a 2017 average of 74.1 billion cubic feet per day, this month’s edition said production would be closer to 73.3 billion cubic feet per day over the same period.

“EIA expects the share of U.S. total utility-scale electricity generation from natural gas to fall from an average of 34 percent in 2016 to less than 32 percent in both 2017 and 2018 as a result of higher expected natural gas prices,” the report read. “Coal's forecast generation share rises from 30% in 2016 to 31% in 2017 and 2018.”

This STEO is the first since President Donald Trump announced the U.S.’ withdrawal from the Paris climate change accord last week. A formal notice to the United Nations for the country’s withdrawal can only be posted on or after November 2019 because the accord stipulates that nations that sign on to it stay for at least three years before considering a departure.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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