EIA Says US Oil Production in 2018 to rise by 300,000 Barrels

The U.S. Energy Information Administration expects U.S. crude oil production in 2018 to rise by 300,000 barrels per day (bpd) year-on-year, according to its monthly short term energy outlook released on Tuesday.

The agency said that crude production will rise to 9.3 million bpd next year from 9 million bpd in 2017. It revised its 2017 U.S. crude output figure to rise by 110,000 bpd from last month’s forecast of a 80,000 bpd year-over-year decline.

Meanwhile, U.S. oil demand for 2018 is set to grow by 370,000 bpd to 20.22 million bpd. For 2017, demand is forecasted to grow by 260,000 bpd compared to 240,000 bpd growth forecast previously.

via Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza