Increasing crude output from the United States will likely limit oil prices through the end of 2018, according to the US Energy Information Administration.
The EIA said US crude production is expected to increase this year to 9.31 million barrels per day (b/d) from 8.87 million b/d in 2016, an increase of 440,000 b/d.
Just last month, the EIA forecast a 350,000 b/d year-over-year increase, based on data from its monthly short-term energy outlook.
