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US EIA Forecasts Oil Production Growth In 2017

Oil

US oil output in 2017 is expected to grow by 120K b/d y-o-y to 9M b/d, according to the US Energy Information Administration’s (EIA) Short-Term Energy Outlook. This largely reflects an increase in federal offshore Gulf of Mexico production, while tight oil output growth is also expected to contribute. It is the first time the EIA has forecast output growth for 2017, as its December projection expected a contraction of 8K b/d and the January 2016 forecast (the first projection made for this year) predicted a fall of 270K b/d. US oil production is expected to have contracted by 530K b/d in 2016.