U.S. crude oil production decreases slightly last week: EIA

Source: Xinhua| 2019-05-09 11:16:45|Editor: mingmei
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HOUSTON, May 8 (Xinhua) -- U.S. crude oil production decreased slightly during the week ending May 3, U.S. Energy Information Administration (EIA) said Wednesday.

According to EIA's data, U.S. crude oil production averaged 12.2 million barrels per day (b/d) last week, down by 100,000 b/d from the previous week and up by about 1.5 million b/d year-on-year.

In its latest Short-Term Energy Outlook (STEO) released Tuesday, EIA forecasts that crude oil production in the Organization of the Petroleum Exporting Countries (OPEC) will average 30.3 million b/d in 2019 and 29.8 million b/d in 2020, compared with an average of 32 million b/d in 2018.

EIA also forecasts Brent spot prices will average 70 U.S. dollars per barrel in 2019 and 67 dollars per barrel in 2020, both about 5 dollars per barrel higher than in last month's STEO, compared with an average of 71 dollars per barrel in 2018.

Meanwhile, EIA forecasts global oil inventories to decline by 200,000 b/d in 2019 and then increase by 100,000 b/d in 2020.

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