EIA forecasts lower OPEC output, higher U.S. output estimates for 2019

The US Energy Information Administration on Wednesday boosted its Brent and WTI crude oil price forecasts on uncertainty over the impact of the looming re-imposition of US sanctions on Iranian crude exports.

In its Short-Term Energy Outlook, EIA forecast Brent to average $74.43/b in 2018, up $1.59 from last month’s forecast, and WTI at $69.56/b in 2018, up $2.53 from last month.
The agency forecasts Brent to average $75.06/b and WTI to average $69.56/b in 2019, up $1.38 and $2.20, respectively, from last month’s forecast.

Total OPEC oil production is expected to average 32.46 million b/d in 2018, down 220,000 b/d from 2017, EIA said. Total OPEC oil production is expected to continue to fall to 32.14 million b/d in 2019, EIA said.

EIA Wednesday also raised its forecast for US oil output, which it said will average 10.74 million b/d in 2018 and 11.76 million b/d in 2019. Those forecasts were up 80,000 b/d and 260,000 b/d, respectively, from last month’s forecast. EIA expects that US oil production, which exceeded 11 million b/d in August, will exceed 12 million b/d by October 2019.

Source: Hellenic Shipping News

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