The US Energy Information Administration (EIA) lowered its forecast on oil prices for 2017, while raising the estimates for US crude production in its latest short-term energy outlook.

 

Brent crude is expected to average $54 a barrel (bbl) in 2017, down $1 from EIA’s previous forecast. The agency kept Brent’s projection for 2018 stable at $57/bbl.

 

West Texas Intermediate (WTI) crude oil prices are forecast to average $2/bbl less than Brent prices in both 2017 and 2018.

 

US crude oil production, meanwhile, is forecast to hit an all-time peak of an average 9.9 million barrels per day (bpd) in 2018 – the highest level in EIA records.

 

US production levels for 2017 are expected to average 9.2 million bpd in 2017, same as the last outlook. 

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