The EIA forecast for crude oil production
The EIA (U.S. Energy Information Administration) forecasts that US crude oil production will average 9.2 million barrels per day in 2017. In 2018, US crude oil production is expected to average 9.9 million barrels per day.
West Texas Intermediate price forecasts
The EIA’s November STEO (short-term energy outlook) report noted that WTI (West Texas Intermediate) crude oil would average $49.70 in 2017 and $51.04 in 2018. In the above chart, we see the range of possible WTI crude oil prices that are forecast by the EIA for 2017 and 2018.
In the next part of this series, we’ll look at some key Permian exploration and production stocks.