- The U.S. Energy Information Administration (EIA) revises the U.S. crude oil production forecast it publishes in each Short-Term Energy Outlook (STEO) based mainly on two factors: updates to EIA's published historical data and EIA's crude oil price forecast.
- In the November 2019 STEO, EIA increased its forecast of U.S. crude oil production in 2019 by 30,000 barrels per day (b/d) (0.2%) from the October STEO.
- The increases in crude oil production forecast in the November STEO were primarily driven byIn the November STEO, EIA increased its U.S. benchmark West Texas Intermediate (WTI) crude oil price forecast by $2 per barrel (b) in November to $56/b and by $1/b in both December and January to $55/b and $54/b, respectively.
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