Economy

EIA forecasts record USA crude-oil output in 2018

EIA forecasts record USA crude-oil output in 2018

OPEC members and other oil producers have chose to cut their production by 1.8 million barrels a day for the first six months of 2017, which is scheduled to end in June.

West Texas Intermediate for May delivery was at $53.65 a barrel on the New York Mercantile Exchange, up 25 cents.

Brent oil extended gains into an eighth straight session on Wednesday, having recovered almost all last month's losses, after Saudi Arabia was said to be pushing its fellow OPEC members and some rivals to prolong supply cuts beyond June.

Brent has risen in each of the previous six sessions, while WTI gained for the last five days.

The consistent signalling of increased supply, however, hasn't completely offset the impact of production cuts agreed between OPEC members and Russian Federation a year ago that have taken 1.8 million barrels of crude from the market each day.

In a statement Tuesday, Howard Gruenspecht, the EIA's acting administrator, said "U.S. crude oil production is expected to be higher during the next two years than previously forecast, with annual output in 2018...exceeding the previous record level of 9.6 million barrels per day reached in 1970".

"It can be expected that any move towards higher prices will likely lead to resurgence in US tight oil production from the major shale regions", the report said.

By Jove! Jupiter extra close, extra bright this week
Thaller said that Jupiter's hurricane is larger than Earth and has been mysteriously shrinking . Without a telescope, Jupiter is still quite distinct, with a characteristic orangey glow.

Opec was upbeat on the outlook for the market in its monthly report.

But Saudi Arabia said it lowered production by 110,000 barrels per day last month to 9.9 million barrels, after increasing production in February. Oil climbed as Iran said it has good expectations for a make-or-break OPEC meeting on stabilizing the crude market.

Despite hitting a five-week high, crude oil slightly inched lower during Tuesday's trading session on reports of a rising US shale oil production slightly pared the gains oil prices gathered due to the the tension in Syria.

Saudi Arabia reportedly wants OPEC to extend production cuts for another six months.

Saudi Arabia is cutting more than its promised reduction to less than 10 million barrels a day.

Several factors still offered support to oil prices. The group revised its projection for USA oil production up by 200,000 barrels a day.

"OPEC just has to have patience because the markets are rebalancing", Abhishek Deshpande, chief energy analyst at Natixis SA in London, said in a Bloomberg television interview.


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