HOUSTON, July 3 (Xinhua) -- U.S. crude oil production increased slightly during the week ending June 28, U.S. Energy Information Administration (EIA) said Wednesday.
According to the EIA, U.S. crude oil production averaged 12.2 million barrels per day (b/d) last week, up by 100,000 b/d from the previous week and up by about 1.3 million b/d year on year. This was the first week that the U.S. crude oil production increased after decreasing for two consecutive weeks.
In its latest Short-Term Energy Outlook (STEO), EIA forecast annual U.S. crude oil production to increase by 1.4 million b/d in 2019 and by 0.9 million b/d in 2020, with 2020 production averaging 13.3 million b/d.
The EIA also forecast Brent spot prices will average 67 U.S. dollars per barrel in 2019 and remain the same price in 2020. EIA's lower 2019 Brent price path reflects rising uncertainty due to trade tensions and geopolitical factors.
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