U.S. CRUDE OUTPUT GROWTH FORECAST CUT FOR 2019

U.S. crude oil production is expected to rise by less than previously expected to 11.76 million barrels per day (bpd) next year, the U.S. Energy Information Administration said on Tuesday. In its monthly short-term energy outlook, the agency forecast that U.S. crude oil output will rise by 970,000 bpd in 2019. Last month, it expected a 1.14 million bpd year-over-year increase to 11.86 million bpd. U.S. oil production was forecast to touch a record 12 million bpd in the fourth quarter of 2019 but EIA pared its expectations, saying it was now expected to be about 11.97 million bpd. On the demand side, the EIA expects U.S. oil consumption growth in 2018 to rise by 530,000 bpd to 20.41 million bpd compared with a previous forecast of a rise of 500,000 bpd to 20.38 million bpd.