U.S. crude oil production continues to decrease: EIA
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E-mail Xinhua, June 20, 2019
HOUSTON, June 19 (Xinhua) -- U.S. crude oil production decreased slightly during the week ending June 14, U.S. Energy Information Administration (EIA) said Wednesday.
According to the EIA, U.S. crude oil production averaged 12.2 million barrels per day (b/d) last week, down by 100,000 b/d from the previous week and up by about 1.3 million b/d year on year. The U.S. crude oil production also decreased slightly in the previous week after increasing for three consecutive week.
In its latest Short-Term Energy Outlook (STEO) released last week, EIA forecast annual U.S. crude oil production to 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 the same price in 2020. EIA's lower 2019 Brent price path reflects rising uncertainty due to trade tensions and geopolitical factors. Enditem
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