U.S. crude oil output hits record levels last week: EIA

HOUSTON, Nov. 7 (Xinhua) -- U.S. crude oil production last week reached record high, U.S. Energy Information Administration (EIA) said on Wednesday.

EIA said in a report that U.S. crude oil output during last week was 11.6 million barrels per day, up by 400,000 barrels per day from the previous week, or up by 2 million barrels per day year over year.

According to EIA's data, the weekly production of U.S. crude oil since January 2018 averaged about 10.6 million barrels per day.

In its latest Short-Term Energy Outlook (STEO), released on Tuesday, EIA estimated that U.S. crude oil production averaged 11.4 million barrels per day in October, down slightly from September levels because of hurricane-related outages in the Gulf of Mexico.

Meanwhile, EIA expected that U.S. crude oil production will average 10.9 million barrels per day in 2018, up from 9.4 million barrels per day in 2017, and will average 12.1 million barrels per day in 2019.

EIA also expected Brent spot prices will average 72 U.S. dollars per barrel in 2019 and that West Texas Intermediate (WTI) crude oil prices will average about 7 dollars per barrel, lower than Brent prices next year.

[ Editor: WPY ]
 

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