That's an increase from last month's short-term energy outlook
by the US Energy Information Administration.
Production in 2018 is expected to average 9.9 million bpd, surpassing the previous high of 9.6 million bpd set in 1970, based on projections in EIA's Short-Term Energy Outlook
(STEO), a Wam news agency report said.
In its latest Short-Term Energy Outlook
report, the EIA projects annual crude oil production in the GOM will increase to an average of 1.7 million b/d in 2017 and 1.9 million b/d in 2018.
While gas production levels are expected to be higher, on average, this year for the first time since 2005 after declining last year, the EIA in its April Short-Term Energy Outlook
nonetheless scaled back its production estimates from the prior-month's report.
The federal agency's short-term energy outlook
, issued in early February, said coal output in the nation totaled 739 million tons in 2016, an 18% decline from 2015 and the lowest level of coal production since 1978.
Besides, short-term energy outlook
suggests that the NR market may continue lacking support from crude oil, the association reported.
In its "Short-Term Energy Outlook
" published last month, state-owned US Energy Information Administration said that China's consumption of petroleum and other liquid fuels is forecast to grow by 0.4 million bpd in both 2016 and 2017, driven by increased use of gasoline, jet fuel, and hydrocarbon gas liquids, which more than offset decreases in diesel consumption.
Energy Information Administration said in a (http://www.eia.gov/todayinenergy/detail.cfm?id=27552) statement accompanying its latest (http://www.eia.gov/forecasts/steo/pdf/steo_full.pdf) short-term energy outlook
That increased drilling should stop the decline in production in a few months, the US Energy Information Administration projected in its latest Short-Term Energy Outlook
Annual crude oil production is expected to grow at a slower rate, 8.1 percent this year and 1.5 percent next year, according to EIA's latest Short-Term Energy Outlook
The Energy Information Administration's latest short-term energy outlook
does not expect the first draw on global oil inventories before the third quarter of 2017.
Data from the latest EIA's Short-Term Energy Outlook
(STEO) suggests the shift from coal to natural gas in power generation is happening at a faster pace that we initially anticipated.