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Lower Oil Growth Forecast by Government

The U.S. Energy Information Administration is out with a new projection of crude oil output from shale oil and gas-producing regions, expecting growth by 79,000 barrels a day for October. The EIA said it’s the first time in seven months that its growth forecast was below 100,000 barrels a day.

Total production for October is forecast to hit 6.08 million barrels a day. The Anadarko in Oklahoma is expected to post growth of 10,000 barrels a day while the Rocky Mountain-area Niobrara region will see growth of 13,000 barrels a day. North Dakota’s Bakken sale output is expected to see growth of 8,000 barrels a day in the coming month.

Production in the Eagle Ford was revised down because of Hurricane Harvey. It was expected to see a drop of 9,000 barrels a day.

U.S. shale oil production in September was revised down by 145,000 barrels a day by the EIA to just over 6 million barrels a day. The government had earlier predicted the September production would be 6.15 million barrels a day.