• Latest forecasts from the US government’s Energy Information Administration (EIA) have the country’s crude output growing by 1.44mn b/d to average of 10.79mn b/d for 2018. Both figures are records, and both mark 70,000 b/d upward revisions from the EIA’s month-ago forecasts (see table).
• NGLs output is also slated to grow by almost 600,000 b/d to 4.33mn b/d for 2018, taking total 2018 oil output to a whopping 15.12mn b/d. This smashes 2017’s previous annual record of 13.09mn b/d, whilst forecast year-on-year gains of 2.03mn b/d top 2014’s previous record of 1.75mn b/d. (CONTINUED - 494 WORDS)
