World Bulletin / News Desk
Global crude oil prices were revised up for 2017 and 2018, the U.S. Energy Information Administration (EIA) said Wednesday.
International benchmark Brent crude is estimated to average $52 this year and $54 per barrel next year, the EIA said in its Short-Term Energy Outlook (STEO) for October.
The prices are $2 higher than estimates last month.
American benchmark West Texas Intermediate (WTI) is expected to average $49.5 this year, and $50.5 next year, the EIA said, each $0.5 higher compared to the September predictions.
The EIA pointed to declining global oil inventories and falling OPEC production for the revisions.
"EIA estimates that OPEC crude oil production averaged 32.9 million bpd [barrels per day] in the third quarter of 2017, down from an average of 33.4 million bpd in November 2016," according to the report.
U.S. crude production estimates were revised slightly to 9.2 million bpd in 2017, from a previous forecast of 9.3 million bpd. That is expected to increase 0.1 million bpd in 2018 to 9.9 million bpd.
The global oil supply outlook was also revised downward.
Total world supply is now forecast to average 98 million bpd this year, instead of 98.3 million bpd; and 100 million bpd, instead of 100.3 million bpd next year.
The EIA said total world consumption would remain unchanged at an average of 98.3 million bpd in 2017 and 99.5 million bpd in 2018.
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