EIA Raises Both 2017, 2018 U.S. Crude Production Forecasts

Bloomberg | Jessica Summers

U.S. crude production is expected to rise throughout the remainder of 2017 and into 2018, according to the EIA.

U.S. producers are seen pumping away, even with the price of West Texas Intermediate crude lingering below $50/bbl, according to the latest government estimates. Domestic output will average 9.91 MMbpd next year, the U.S. Energy Information Administration said in its monthly Short-Term Energy Outlook released Tuesday. That’s up from 9.9 MMbpd estimated in July, when the EIA lowered its forecast for 2018 production for the first time since the agency started posting the estimates in January. U.S. explorers have ramped up drilling this year, piling on oil rigs, at a time when nationwide crude output hovers at the highest level since July 2015. Top shale drillers like EOG Resources Inc. have outlined goals that would help push U.S. output toward a record 10 MMbpd next year.

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