In today’s “This Week In Petroleum”, the EIA explains the increase in production estimates released last week:
”The increases in crude oil production forecast in the November STEO were primarily driven by
- EIA’s upward revision to historical production in the Lower 48 states of about 90,000 b/d for August, based on EIA’s most recent–October 31, 2019–914 monthly crude oil and natural gas production survey
- Higher initial production for future wells that will be drilled in the Texas Permian region
- Slightly higher crude oil price forecast for the November 2019–January 2020 time period than in the October STEO
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