Total U.S. crude oil production in May reached the highest levels in 26 years, hitting an average of 8.4 million barrels per day (bpd), the U.S. Energy Information Administration said in a monthly short-term energy outlook on Tuesday.
The organization also said its 2015 forecast of 9.27 million bpd was the highest annual average level of oil production since 1972.
Meanwhile, the EIA lowered its 2014 crude oil production forecast - by 40,000 bpd to 8.42 million bpd.
The EIA had earlier also cut its 2014 outlook in its February outlook due to severe weather, but said improving technology could boost shale oil output over the next two years [ID:nL2N0LG1IQ].
The EIA laid out its global production forecasts in the report. It increased its 2014 forecast for production by member countries in the Organization of the Petroleum Exporting Countries by some 130,000 bpd to 36.13 million bpd and raised its 2015 forecast by 200,000 bpd to 36.3 million bpd.
Supply forecasts for non-OPEC countries edged up 80,000 bpd to 55.66 million bpd this year and were up 150,000 bpd to 56.88 million bpd next year.
EIA estimated that OPEC crude oil production averaged 30 million bpd in 2013, a decline caused by production shortfalls in Iran, more unplanned outages in Libya, Nigeria and Iraq and strong non-OPEC supply growth.
OPEC oil production is expected to fall by 400,000 pd in 2014 and an additional 100,000 bpd in 2015 as a result of supply disruptions and cutbacks in crude oil production to accommodate increased supplies in non-OPEC countries.
"Libya continues to experience swings in its production, contributing to changes in the OPEC disruption estimate," EIA said.
Source: Reuters
The organization also said its 2015 forecast of 9.27 million bpd was the highest annual average level of oil production since 1972.
Meanwhile, the EIA lowered its 2014 crude oil production forecast - by 40,000 bpd to 8.42 million bpd.
The EIA had earlier also cut its 2014 outlook in its February outlook due to severe weather, but said improving technology could boost shale oil output over the next two years [ID:nL2N0LG1IQ].
The EIA laid out its global production forecasts in the report. It increased its 2014 forecast for production by member countries in the Organization of the Petroleum Exporting Countries by some 130,000 bpd to 36.13 million bpd and raised its 2015 forecast by 200,000 bpd to 36.3 million bpd.
Supply forecasts for non-OPEC countries edged up 80,000 bpd to 55.66 million bpd this year and were up 150,000 bpd to 56.88 million bpd next year.
EIA estimated that OPEC crude oil production averaged 30 million bpd in 2013, a decline caused by production shortfalls in Iran, more unplanned outages in Libya, Nigeria and Iraq and strong non-OPEC supply growth.
OPEC oil production is expected to fall by 400,000 pd in 2014 and an additional 100,000 bpd in 2015 as a result of supply disruptions and cutbacks in crude oil production to accommodate increased supplies in non-OPEC countries.
"Libya continues to experience swings in its production, contributing to changes in the OPEC disruption estimate," EIA said.
Source: Reuters
