Mubasher: US oil production will likely decline 230,000 barrels per day in 2017, said the U.S. Energy Information Administration (EIA).
Oil output is expected to fall to 8.46 million barrels per day next year, the EIA said, amending 2016 production forecasts by 40,000 barrels to 740,000 compared with the previous estimates of 700,000.
Oil demand is seen rising 260,000 per day in 2017, compared with 280,000 previously, the EIA said.
However, the administration lowered its forecasts for 2016 oil demand to 110,000 barrels per day from 160,000.
