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US Sees Oil Production Continuing to Grow Despite Lower Prices

December 12, 2018

The U.S. government left its forecast for domestic crude production unchanged for 2019 even with prices averaging almost $11 a barrel lower than its previous estimate.

Oil producers will pump an average 12.06 million barrels a day next year, up from 10.88 million in 2018, the Energy Information Administration said in a monthly outlook. The agency saw output dropping during October, when some offshore production was shut in due to Hurricane Michael, before recovering in November.

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