EIA cuts 2018 production outlook
It could be bad news for Opec's attempts to lift the oil price
For Opec, this month's Short-Term Energy Outlook from the US Energy Information Administration (EIA) was a mixed bag-some good, but mostly bad, news. The good? Lower prices are taking some steam out of American oil-production growth, believes the EIA. The bad? The slowdown won't show up until next year, and is smaller than the producer group would hope. The July report held its 2017 average production figure steady at 9.3m barrels a day, up from 8.9m b/d last year. But the EIA cut its outlook for 2018 by 100,000 b/d compared with last month's report to 9.9m b/d-still a record year for US output. The agency cut its price expectation for next year by $4/b to $52/b. The takeaways from the repor
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
