The U.S. Energy Information Administration lifted its forecasts for U.S. crude production for this year and next and cut its 2020 forecasts for U.S. and global benchmark oil prices, according to its Short-term Energy Outlook report released Tuesday. The EIA forecasts 2019 U.S. crude production of 12.41 million barrels a day, up 2.8% from the January forecast. It also raised its 2020 output view by 2.6% to 13.2 million barrels a day. – By MYRA P. SAEFONG
Crude oil prices could plunge lower
Saudi Arabia has restored half of the crude product that was lost to devastating attacks on its oil industry, and the kingdom said output will be fully restored by the end of this month.
If we don’t see any new drone attackS on Saudi oil infrastructure we could see Crude oil prices going even lower. Before the oil attacks against Saudi oil infrastructure, the Crude oil prices were already heading lower.