AGL 40.15 Increased By ▲ 0.15 (0.38%)
AIRLINK 130.25 Increased By ▲ 0.72 (0.56%)
BOP 6.80 Increased By ▲ 0.12 (1.8%)
CNERGY 4.61 Decreased By ▼ -0.02 (-0.43%)
DCL 9.00 Increased By ▲ 0.06 (0.67%)
DFML 43.79 Increased By ▲ 2.10 (5.04%)
DGKC 84.19 Increased By ▲ 0.42 (0.5%)
FCCL 33.03 Increased By ▲ 0.26 (0.79%)
FFBL 78.70 Increased By ▲ 3.23 (4.28%)
FFL 11.87 Increased By ▲ 0.40 (3.49%)
HUBC 110.79 Increased By ▲ 0.24 (0.22%)
HUMNL 14.61 Increased By ▲ 0.05 (0.34%)
KEL 5.67 Increased By ▲ 0.28 (5.19%)
KOSM 8.33 Decreased By ▼ -0.07 (-0.83%)
MLCF 39.80 Increased By ▲ 0.01 (0.03%)
NBP 60.85 Increased By ▲ 0.56 (0.93%)
OGDC 200.24 Increased By ▲ 0.58 (0.29%)
PAEL 26.71 Increased By ▲ 0.06 (0.23%)
PIBTL 7.82 Increased By ▲ 0.16 (2.09%)
PPL 160.99 Increased By ▲ 3.07 (1.94%)
PRL 26.94 Increased By ▲ 0.21 (0.79%)
PTC 18.85 Increased By ▲ 0.39 (2.11%)
SEARL 83.24 Increased By ▲ 0.80 (0.97%)
TELE 8.20 Decreased By ▼ -0.11 (-1.32%)
TOMCL 34.45 Decreased By ▼ -0.06 (-0.17%)
TPLP 9.12 Increased By ▲ 0.06 (0.66%)
TREET 17.14 Decreased By ▼ -0.33 (-1.89%)
TRG 59.89 Decreased By ▼ -1.43 (-2.33%)
UNITY 27.81 Increased By ▲ 0.38 (1.39%)
WTL 1.43 Increased By ▲ 0.05 (3.62%)
BR100 10,515 Increased By 108.7 (1.04%)
BR30 31,947 Increased By 234 (0.74%)
KSE100 98,422 Increased By 1094 (1.12%)
KSE30 30,609 Increased By 416.8 (1.38%)

NEW YORK: The US Energy Information Administration on Tuesday revised both its 2017 and 2018 oil production forecast figures lower to reflect, in part, the effects of Hurricane Harvey.

The statistical arm of the Department of Energy lowered its growth forecast to 400,000 barrels per day to 9.25 million bpd. Last month, it expected a 500,000-bpd increase to 9.35 million bpd.

According to the EIA's monthly short-term energy outlook, US crude oil production in 2018 will rise by more than previously expected, although the total output figure was lowered due to the revision for 2017.

 

The agency forecast 2018 crude oil output will rise by 590,000 bpd to 9.84 million bpd. Last month, it expected a 560,000 bpd year-over-year increase to 9.91 million bpd.

Hurricane Harvey, which raged through Texas and parts of Louisiana late in August, forced the shutdown of a number of refineries, pipelines and offshore platforms around two weeks ago and shut about a quarter of US refining capacity.

"Industry watchers across the sector will have to grapple with uncertainty regarding the timeline for the return to normal operations for critical energy infrastructure, including refineries, in the coming weeks and months," EIA Acting Administrator John Conti said in a statement.

Meanwhile, the agency forecast that US oil demand for 2017 is set to grow by 350,000 bpd compared with 340,000 bpd previously. For 2018, oil demand is expected to rise by 400,000 bpd versus 330,000 bpd previously.

Copyright Reuters, 2017
 

Comments

Comments are closed.