home Production Lower oil prices set to slow 2018 growth in U.S. crude production, says EIA

Lower oil prices set to slow 2018 growth in U.S. crude production, says EIA

Lower prices for oil this year and next are likely to prompt a slowdown in U.S. crude production next year, but domestic output is still expected to reach an annual record in 2018, according to a report from the U.S. Energy Information Administration released Tuesday.

The report provided some additional support for oil prices Tuesday, with August West Texas Intermediate crude CLQ7, +1.26%  trading above $45 a barrel and September Brent LCOU7, +1.15%  climbing closer to $48 a barrel shortly after the release of EIA data.

In its monthly energy outlook report, the government agency forecast WTI prices at $48.95 a barrel for this year, down 3.6% from its June forecast. For 2018, it forecast $49.58—down 7.5% from the previous outlook.

46 views