EIA Cuts US Crude Oil Production Forecast For 2019

U.S. crude oil production is expected to rise by less than previously expected to 11.76 million barrels per day (bbl/d) next year, the U.S. Energy Information Administration (EIA) said June 12.

In its monthly short-term energy outlook, the agency forecast that U.S. crude oil output will rise by 970,000 bbl/d in 2019. Last month, it expected a 1.14 million bbl/d year-over-year increase to 11.86 million bbl/d.

U.S. oil production was forecast to touch a record 12 million bbl/d in fourth-quarter 2019 but EIA pared its expectations, saying it was now expected to be about 11.97 million bbl/d.