The agency forecast that 2017 crude oil output will rise to 9.33 million barrels per day this year from 8.87 million bpd in 2016, a 460,000 bpd increase. Last month, it forecast a 440,000 bpd year-over-year increase.

For 2018, it forecast that production will grow by 680,000 bpd to 10.01 million bpd compared with a 650,000 bpd gain previously, the EIA said in its monthly short-term energy outlook.

Meanwhile, the agency forecast that US oil demand for 2017 is set to grow by 320,000 bpd compared with a 290,000 bpd growth previously. For 2018, oil demand is expected to increase by 310,000 bpd from 300,000 bpd previously.