The US has cut the growth rate of its crude oil production in 2018 from previous estimates amid reduced prices, according to a monthly US government report.
Production in the US has significantly increased recently as a result of greater output from shale formations, but this growth has slowed following the decline in prices.
In its latest monthly forecasts, the US Energy Information Administration said that it now expected growth of 1.31 million barrels per day to 10.68 million bpd, down from last month’s 1.44 million bpd of growth to 10.79 million bpd.
The agency said crude oil prices had experienced downward pressure from increased production in Russia and members of OPEC.
Linda Capuano, EIA Administrator, said: “We continue to expect Brent crude oil spot prices to fall towards $70 per barrel by the end of 2018, as the market appears to be fairly balanced in the coming months.”