EIA Raises 2017 U.S. Oil Production Outlook And Cuts Oil-price Forecast

By Myra P. SaefongMarketsMarketWatch Pulse

The U.S. Energy Information Administration raised its forecast on 2017 U.S. crude-oil production and lowered its price outlook, according to the agency's monthly Short-term Energy Outlook report released Tuesday. The EIA forecast U.S. crude production at an average 9.31 million barrels per day in 2017, up 1% from the previous forecast. It sees 2018 output at 9.96 million barrels a day, up 0.6% from the previous forecast. The EIA cut its 2017 crude-price forecast by 3%, with West Texas Intermediate crude seen at an average $50.68 a barrel, and Brent crude at $52.60. June WTI crude was down 47 cents, or 1%, at $45.96 a barrel, while July Brent fell 48 cents, or 1%, to $48.86.

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