10/13, 6:35 PM (Source: TeleTrader)
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US oil production to reach 11 million bpd in October - EIA

The oil production in the United States will rise to 11 million barrels per day in October and to 11.3 million bpd in December, after falling to 10.6 million bpd in September due to consequences of Hurricane Ida, the country's Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) report released on Wednesday.

For the full year of 2021, the oil output will stand at an average of 11 million bpd, reaching 11.7 million bpd in 2022. "Growth will come as a result of operators increasing rig counts, which we expect will offset production decline rates," the EIA explained.

According to the agency, the price of West Texas Intermediate (WTI) crude oil will average $78 per barrel in the fourth quarter of 2021.

Baha Breaking the News (BBN) / MS