The EIA has increased its forecast for US crude oil production in 2015, sparking fears that prices could dip further as supply outstrips demand.
The EIA expects total oil production in 2015 to be 9.35 million barrels per day, slightly higher than the 9.3 million bpd in last month’s short-term energy outlook.
Meanwhile the agency has lowered its estimations for US oil production in 2016. Total oil production in 2016 is expected to be 9.49 million bpd, down from 9.52 million bpd in the previous report.
