EIA cuts oil price estimates for 2016-2017
The EIA also reported that the US produced 9.4 million barrels of oil per day (bpd) in 2015 while they expect to see an average oil production of 8.7 million bpd in 2016 and 8.2 million bpd in 2017. According to the IEA, the US crude oil production declined around 80,000 bpd on the month to 9.1 million bpd in February.
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