US crude oil production increases: EIA | 2019-05-24 |

US crude oil production increases: EIA

24 May, 2019 12:00 AM printer

HOUSTON: US crude oil production increased slightly during the week ending May 17, U.S. Energy Information Administration (EIA) said Wednesday.

According to the EIA, U.S. crude oil production averaged 12.2 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, reports Xinhua.

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.