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US crude oil production increases slightly: EIA

US crude oil production increases slightly: EIA

India Blooms News Service | @indiablooms | 31 May 2019, 11:53 am

Houston, May 30 (Xinhua/UNI) US crude oil production increased slightly during the week ending May 24, US Energy Information Administration (EIA) said.

According to the EIA, U.S. crude oil production averaged 12.3 million barrels per day (b/d) last week, up by 100,000 b/d from the previous week and up by about 1.5 million b/d year-on-year.

In its latest Short-Term Energy Outlook (STEO), the EIA forecast that crude oil production in the Organization of the Petroleum Exporting Countries (OPEC) will average 30.3 million b/d in 2019 and 29.8 million b/d in 2020, compared with an average of 32 million b/d in 2018.

The EIA also forecast Brent spot prices will average 70 U.S. dollars per barrel in 2019 and 67 dollars per barrel in 2020, both about 5 dollars higher than that in the previous month's STEO, compared with an average of 71 dollars per barrel in 2018.

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