US crude oil output seen rising to record high in 2019
PRICE Futures Group's Phil Flynn on the outlook for oil prices.
U.S. crude oil production will rise to an all-time high of 12.36 million barrels per day (bpd) in 2019 from a record high of 10.96 million bpd last year, the Energy Information Administration's Short Term Energy Outlook (STEO) said on Tuesday.
The latest July output projection for 2019 was up from EIA's 12.32 million bpd forecast in June.
EIA also projected U.S. petroleum and other liquid fuels consumption would rise to 20.70 million bpd in 2019 from 20.45 million bpd a year ago.
That would be the most since 2005 when petroleum and other liquid fuels consumption hit a record high of 20.80 million bpd.
The 2019 demand projection in the July STEO report was up from EIA's 20.64 million bpd forecast for the year in June.
CLICK HERE TO GET THE FOX BUSINESS APP
EIA projected output in 2020 would rise to 13.26 million bpd and demand would rise to an all-time high of 20.91 million bpd.
(Reporting by Scott DiSavino Editing by Chizu Nomiyama and Jonathan Oatis)