U.S. crude oil production decreases, EIA says
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E-mail Xinhua, June 13, 2019
HOUSTON, June 12 (Xinhua) -- U.S. crude oil production decreased slightly during the week ending June 7, the U.S. Energy Information Administration (EIA) said Wednesday.
According to the EIA, U.S. crude oil production averaged 12.3 million barrels per day (b/d) last week, down by 100,000 b/d from the previous week and up by about 1.4 million b/d year on year. The U.S. crude oil production decreased after increasing for three consecutive weeks.
In its latest Short-Term Energy Outlook (STEO) released Tuesday, EIA forecast annual U.S. crude oil production will increase by 1.4 million b/d in 2019 and by 0.9 million b/d in 2020, with 2020 production averaging 13.3 million b/d.
The EIA also forecast Brent spot prices will average 67 U.S. dollars per barrel in 2019 and remain at 67 dollars per barrel in 2020. EIA's lower 2019 Brent price path reflects rising uncertainty. Enditem
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