EIA expects an oil market in balance…

by Jim Colburn • Thursday, February 8, 2018

Despite the recent increase in estimates of US oil production, the EIA is only looking for a build in world inventories of .2 mbd for 2018 and 2019:

“EIA estimates that U.S. crude oil production averaged 10.2 million b/d in January 2018, up 100,000 b/d from December 2017. EIA estimates that total U.S. crude oil production averaged 9.3 million b/d in 2017 and will average 10.6 million b/d in 2018, which would mark the highest annual average U.S. crude oil production level, surpassing the previous record of 9.6 million b/d set in 1970. EIA forecasts that 2019 crude oil production will average 11.2 million b/d.
OPEC total liquids production is expected to grow modestly through the forecast period, averaging 39.4 million b/d in 2018 and 39.9 million b/d in 2019. As a result, EIA estimates that global inventories will build by 0.2 million b/d in both 2018 and 2019, indicating that global markets are largely in balance.” The link is here:  https://www.eia.gov/petroleum/weekly/

 

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