EIA Cuts Forecast For OPEC’s Oil Production This Year ...Middle East

OPEC’s total petroleum production in the second half of this year is now set to be 600,000 barrels per day (bpd) lower than previous forecasts because of lower-than-expected ramp-up in output, the U.S. Energy Information Administration (EIA) said on Wednesday. The EIA revised down its estimate for OPEC’s production in the August Short-Term Energy Outlook (STEO) compared to the July STEO. Last month, the U.S. administration expected that OPEC would raise production by more than the group ultimately agreed to in order to meet global demand.…

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