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U.S. Cuts Oil Output Outlook With Permian Constraints Threatening [Bloomberg Business News]

Halliburton Company (HAL) 
Last halliburton company earnings: 4/20 06:45 am Check Earnings Report
US:NYSE Investor Relations: ir.halliburton.com
LISTEN TO ARTICLE 2:23 The pace of U.S. crude production growth might be slowing or at least that’s what the government is seeing for now. The Energy Information Administration forecasts domestic oil output to average 11.7 million barrels a day next year, down from a previous estimate of 11.8 million a day. The agency also lowered its outlook for output this year. Last month, the agency said the U.S. is set to become the world’s top oil producer in 2019. The EIA still sees production reaching 12 million barrels a day by the end of next year. The U.S. benchmark crude has jumped more than 14 percent this year. Drilling has plateaued since late June, with the U.S. oil rig count ticking lower for four out of the last seven weeks, with concerns lingering over bottlenecks in the key Permian Basin tempering growth. “Because crude oil production is forecast to be lower in 2018, it lowered the overall output forecast for 2019,” said Tim Hess, a pro Show less Read more
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