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News X

EIA Raises Projections For US Crude Output And Crude Runs

Oil

US crude output is expected to grow by 455K b/d y-o-y in 2017 to 9.33M b/d, before rising by 675K b/d in 2018 to 10.01M b/d, the US Energy Information Administration (EIA) has said in its June Short-Term Energy Outlook (STEO). This is up by 24K b/d and 44K b/d respectively, from the May forecast. The outlook for US crude runs in 2017 was raised by 115K b/d to an average of 16.45M b/d, up from 16.20M b/d in 2016. The projection for crude runs in 2018 was increased by 84K b/d from May to 16.37M b/d, but this would still be down by 87K b/d from this year and the first time runs have contracted y-o-y since 2012.