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9 July | Oil

US oil production growth to slow more than expected — EIA

Brent
WTI Light Crude Oil
US oil production growth to slow more than expected — EIA

According to Bloomberg, volatile oil prices are straining US drilling activity, likely leading to a sharper-than-expected slowdown in domestic crude output growth.

The Energy Information Administration (EIA) released a short-term forecast Tuesday projecting domestic oil production to reach 13.37 million barrels per day this year and next, representing a 160,000 barrels per day increase. This forecast is 50,000 barrels per day lower compared to earlier outlook.

Bloomberg reports that US drilling rig counts continue to decline, nearing four-year lows.

The EIA forecasts that significant growth in global crude reserves will exert downward pressure on energy prices long-term. The agency projects Brent oil prices to reach $58 per barrel in 2026. Currently, it is near the level of $70 per barrel.

Elizaveta Kuzmicheva MarketCheese

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