EIA Lowers U.S. Oil Output, Price Estimates For 2016, 2017

By Myra P. Saefong Markets MarketWatch Pulse

The U.S. Energy Information Administration on Tuesday lowered its 2016 and 2017 estimates for U.S. crude-oil production and forecasts for West Texas Intermediate crude prices. It forecasts average U.S. crude output of 8.67 million barrels a day for 2016, down from a prior estimate of 8.69 million. For 2017, it sees output of 8.19 million barrels a day, down from a previous forecast of 8.46 million. WTI prices are seen at $34.04 a barrel this year, down from a prior estimate of $37.59, the EIA said. For 2017, it expects to see $40.09 a barrel, down from a prior forecast of $50.

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