EIA: US oil output is expected to grow less than expected in 2017
2/8/2017 8:02:37 AM
NEW YORK (Reuters) -- US oil production is expected to rise 100,000 bpd to 8.98 million barrels in 2017, 0.3% less than previously forecast, according to a monthly US government report released on Tuesday.
“Global oil supply and demand is now expected to be largely in balance during 2017 as the gradual increase in world oil inventories that has occurred over the last few years comes to an end," said Howard Gruenspecht, acting administrator of the Energy Information Administration, the statistical arm of the US Department of Energy.
Reporting by Jessica Resnick-Ault; Editing by Marguerita Choy
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