EIA forecasts record high US oil production
The news that International Energy Agency (IEA) increased its estimate for demand growth in 2017 by 1.7 percent also contributed to the daily gains of oil prices.
Meanwhile, according to a statement released by the Energy Information Administration (EIA), refinery output decreased 3.1 million barrels per day to an average of 14.8 million barrels per day in the first week of September due to Harvey.
Oil production in August also declined 40,000 barrels per day to an average of 9.2 million barrels per day for the month.
However, the EIA predicts that average US crude oil production will reach 9.3 million barrels per day for the rest of 2017 and reach 9.8 million barrels per day in 2018, surpassing the highest annual production rate recorded in 1970.
This record is projected to be achieved despite Hurricane Harvey’s significant effects.
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