EIA Predicts Higher Oil Prices And A Jump In U.S. Production

In its latest Short-Term Energy Outlook (STEO), published this month, the EIA revised up its forecast of U.S. crude oil production by 30,000 bpd, or by 0.2 percent, from the October STEO. Forecasts for next year’s production are increased by 119,000 bpd, or by 0.9 percent, compared to the projections in the October outlook. One of the reasons for the EIA’s increased forecasts is the fact that it raised its estimate of crude oil prices. The EIA revised up its forecast of WTI Crude prices by $2 a barrel to $56 in November, and by $1 per…