The outlook for 2017 US crude output was looking bleak midway through 2016 as oil majors and oilfield services firms cut back on spending. But with oil prices now above the $50/B mark, the EIA has raised its forecasts for next year’s output.

The US government agency’s latest Short Term Energy Outlook, released 6 December, forecasts crude output breaking 9mn b/d be the end of 2017 (9.004mn b/d for December 2017) for the first time since it began monthly 2017 forecasts at the beginning of this year. (CONTINUED - 1362 WORDS)