The US Energy Ministry reduces the forecast for oil production in the country and updates the forecast for the price of WTI in 2018

It is possible that the volume of oil production in the US will grow slower than expected, experts of the Ministry of Energy of the country believe. According to the latest forecast of the agency, in 2018 it will be 9.84 million b / d (last month these figures were 9.91 million b / d). It is also expected that the global demand for black gold will be 99.95 million b / d (against the previous forecast of 100.02 million bbl / d), and world production – 100.28 million b / d (against the previous forecast of 100.21 million b / d).

Recall that the US oil industry has reduced the number of active drilling during three of the last four weeks, and the total production in the US due to stormed hurricanes for the first time since February fell below 9 million b / d. As for this year, the forecast for the average oil production in the US has been lowered from 9.35 million b / d to 9.25 million b / d. The new forecast for the average price of WTI in 2018 is $ 48.83 against $ 48.88 a month earlier. A similar forecast for Brent is left at $ 51.58.

“The downward revision of downside forecasts partially reflects the impact of Hurricane Harvey,” the US Energy Ministry said in a report published yesterday. “Experts are yet to understand when the country’s most important energy infrastructure, including the processing enterprises, will return to normal operation.”

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