According to EIA's data, U.S. crude oil production averaged 12.1 million barrels per day (b/d) last week, down by 100,000 b/d from the previous week and up by about 1.4 million b/d year-on-year.
In its latest Short-Term Energy Outlook (STEO), EIA forecasts that crude oil production in the Organization of the Petroleum Exporting Countries (OPEC) will average 30.3 million b/d in 2019 and 29.8 million b/d in 2020, compared with an average of 32 million b/d in 2018.
EIA also forecasts Brent spot prices will average 70 U.S. dollars per barrel in 2019 and 67 dollars per barrel in 2020, both about 5 dollars per barrel higher than in last month's STEO, compared with an average of 71 dollars per barrel in 2018.
Meanwhile, EIA forecasts global oil inventories to decline by 200,000 b/d in 2019 and then increase by 100,000 b/d in 2020.
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