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U.S. production of crude oil is expected to rise in 2019, but by less than previously-expected, to 11.76 mil bpd, the U.S. EIA said on Tuesday. In its regularly short-term energy outlook, the U.S. government agency forecast that U.S. crude output will increase by 970,000 bpd y/y in 2019.
OPEC said on Tuesday that the outlook for the oil market in 2H 2018 is highly uncertain, even though the group's data show that the supply glut has ended. In a regular monthly report on Tuesday, OPEC said that commercial inventories of oil in developed economies fell in April to 26 mil bbls below their 5-year average. Major OPEC and non-OPEC producers have been restraining their output since January 2017, with the original aim of the programme to reduce OECD oil inventories to their 5-year average. The report said OPEC members were still curbing their output by more than required. In May, OPEC’s production climbed by 35,000 bpd to 31.87 mil bpd, according to figures that OPEC collects from secondary sources. That is almost 900,000 bpd less than the projected global demand for OPEC’s crude in 2018 on average. Late on Tuesday, industry group the American Petroleum Institute said that U.S. crude inventories increased last week by 833,000 bbls, with crude stockpiles at Cushing, Oklahoma down by 730,000 bbls.
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