NEW YORK: The US Energy Information Administration expects US crude oil production in 2017 and 2018 to rise by more than previously expected, it said on Tuesday.
The agency forecast that 2017 crude oil output will rise to 9.33 million barrels per day this year from 8.87 million bpd in 2016, a 460,000 bpd increase. Last month, it forecast a 440,000 bpd year-over-year increase.
For 2018, it forecast that production will grow by 680,000 bpd to 10.01 million bpd compared with a 650,000 bpd gain previously, the EIA said in its monthly short-term energy outlook.
Meanwhile, the agency forecast that US oil demand for 2017 is set to grow by 320,000 bpd compared with a 290,000 bpd growth previously. For 2018, oil demand is expected to increase by 310,000 bpd from 300,000 bpd previously.
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