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This Week in Petroleum: Crude oil prices in 2019 were generally lower than in 2018


  • These narrow trading ranges occurred as a result of offsetting upward and downward price pressures, despite the largest single-day price increase since 2008, which followed the September attacks on Saudi Arabia's crude oil production and processing infrastructure.
  • In 2019, several factors, including U.S. production and exports, global inventory levels, and demand-side concerns, provided downward pressure on crude oil prices, offsetting some of the upward pressure from the attacks on Saudi Arabia, OPEC+ production cuts, and U.S. sanctions on Venezuela and Iran.
  • In the December STEO, EIA expected U.S. crude oil production to average 12.3 million b/d in 2019, the highest level on record.



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