In its October Short-Term Energy Outlook, the US Energy Information Administration forecast that US crude oil production will average 11.8 million b/d in 2019, which is 300,000 b/d higher than the forecast in its September STEO.
The higher production forecast reflects higher-than-expected increases to Texas and North Dakota production in July, revising upwards the baseline of the forecast, and a response to higher forecast prices.
Current global market
Both Brent and West Texas Intermediate crude oil prices reached 4-year highs on Oct. 3. Crude oil prices rose in anticipation of potentially steep declines in Iranian crude oil production and exports because of the reinstitution of US sanctions on Nov. 4.