EIA Lowers 2018 Oil Estimates

Top US federal energy analysts lowered their estimates for oil demand growth in 2018 by 40,000 barrels per day, according to the Energy Information Administration’s newest monthly forecast. Still, oil demand growth in 2017 received an 80,000-bpd boost to 1.39 million bpd in the Short-Term Energy Outlook, suggesting the sector should expect an enthusiastic energy market in the coming months, Oil Price reported. “EIA estimates that US crude oil production averaged 9.7 million barrels per day in November, up 360,000 bpd from the October level,” the report added. “Most of the increase was in the Gulf of Mexico, where production was 290,000 bpd higher than in October. Higher production in November reflected oil production platforms returning to operation after being shut in response to Hurricane Nate.” In the first 11 months of 2017, coal production has seen an 8% rise compared to the same period of last year. Both wind and solar energy are also seizing a larger market share.