crude oil production would average 10.7 mb/d and 11.9 mb/d in 2018 and 2019, respectively, up from 9.4 mb/d in 2017. The EIA also increased the 2019 supply forecast in the May report by 0.4 mb/d compared with the April report. Traders will be watching carefully to see if the EIA revises up these figures again.
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