Important publication from the US Department of Energy
The night before the forecast of oil production in the USA for the current and next year was published. The data is prepared by the US Department of Energy, specifically by the Energy Information Administration. According to the released forecast, the average amount of oil production in the USA in 2017 will be 9.21 million barrels per day. This is 230 thousand barrels more than the previous forecast from the EIA. Also, expectations for the average price of a barrel have changed. So, according to the published data, the price of WTI oil in 2017 will be $ 53.49, on average ($ 0.03 more than the previous forecast). The price of Brent oil is estimated by experts at $ 54.62 ($ 0.17 more than the previous forecast).
The volume estimation of oil production in the USA has been carried out for the year 2018, and the figures are as follows: the production is projected to reach 9.73 million barrels per day, which is 200,000 barrels per day more than originally planned production volumes.
The market has reacted to the published positive data with price increase for both Brent and WTI crude oil. It is expected that the moderate growth will continue on these assets.
The material was prepared with the participation of Maxim Medvedev,
a leading analyst of the brokerage company VOSPARI.