EIA Lifts US Crude and Natural Gas Production Forecasts

The U.S. Energy Information Administration (EIA) updated its Short-Term Energy Outlook (STEO) for August, raising its forecast for domestic crude oil production in the current year to 13.80 million barrels per day (bpd) from 13.78 million bpd previously. For next year, the forecast was lifted to 14.15 million bpd from the July estimate of 14.03 million bpd.

Dry natural gas production estimates were also adjusted higher. The outlook for the current year was unchanged at 111.20 billion cubic feet per day (bcf/d), while next year’s forecast rose to 116.00 bcf/d from 115.30 bcf/d.