2017/18 oil price forecast unchanged: Energy Info Admin

The U.S.' Energy Information Administration (EIA) kept its oil prices forecast unchanged for this year and next year, according to its Short-Term Energy Outlook report for September.

International benchmark Brent crude price is expected to average $51 per barrel for 2017, while American benchmark West Texas Intermediate (WTI) is anticipated to average $49 a barrel, the report said Tuesday.

For 2018, Brent is estimated to average $52 a barrel, while WTI is forecast to average $50 per barrel.

EIA also said Hurricane Harvey that hit the state of Texas last month decreased the U.S.' refinery operations.

Refinery runs in the country fell by 3.1 million barrels, from 17.9 million barrels in the last week of August to 14.8 million barrels for the week ending Sept. 1, the EIA said. This marked a 17.3 percent decline in refinery runs.

The EIA, however, said it expects the U.S.' refinery runs to increase to 15.3 million barrels for this month, and 15.9 million barrels during the next month.

The administration revised down the U.S.' crude oil production forecast for next year by 100,000 barrels per day (bpd).

Domestic crude production is now expected to average 9.8 million bpd for 2018. Crude output is estimated to average 9.3 million bpd for 2017.

The EIA predicts that global crude oil supply will average 98.3 million bpd next year, while total world consumption is anticipated to be at the same level.

Global oil supply for 2018 is estimated to average 100.3 million bpd, while total world consumption is expected to average 99.5 million bpd.

By Ovunc Kutlu in New York



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