# Growing global production limits crude oil price increases in the most recent forecast -
		U.S. Energy Information Administration (EIA)

> The US Energy Information Administration's June Short-Term Energy Outlook forecasts rising global petroleum production will limit crude price increases. It expects OPEC output to average 26.9 million barrels per day in 2021 and US crude output to reach 11.4 million barrels per day in the fourth quarter of 2021.

- Date: 2021-06-15 · published 2021-06-15T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/46496-growing-global-production-limits-crude-oil-price-increases-in-the-most-recent
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A government forecast of ending stock draws and faster supply growth points to softer crude prices in the second half. Lower energy costs support margins for feed manufacturers and livestock transport.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-01-02 | [Energy commodity prices fell significantly in the last quarter of 2018 -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/61271-energy-commodity-prices-fell-significantly-in-the-last-quarter-of-2018-u-s.md) | +10.8% | +17.2% |
| BRENT | 2025-06-10 | [Crude price fall to continue in 2025-26 as global production outpaces demand: US EIA](https://feedsoft.ai/events/24394-crude-price-fall-to-continue-in-2025-26-as-global-production-outpaces-demand-us.md) | +9.2% | +4.2% |
| BRENT | 2023-02-01 | [Crude oil prices forecast to decline beginning in the second half of 2023](https://feedsoft.ai/events/37958-crude-oil-prices-forecast-to-decline-beginning-in-the-second-half-of-2023.md) | -0.8% | -0.5% |
| BRENT | 2022-12-06 | [EIA revises down Brent price forecast for 2023 \| Oil & Gas Journal](https://feedsoft.ai/events/38413-eia-revises-down-brent-price-forecast-for-2023-oil-and-gas-journal.md) | -6.1% | -7.8% |
| BRENT | 2023-06-01 | [EIA expects lower crude oil prices for the second half of 2023 and for 2024](https://feedsoft.ai/events/36102-eia-expects-lower-crude-oil-prices-for-the-second-half-of-2023-and-for-2024.md) | +6.3% | +2.1% |
| WTI | 2019-01-02 | [Energy commodity prices fell significantly in the last quarter of 2018 -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/61271-energy-commodity-prices-fell-significantly-in-the-last-quarter-of-2018-u-s.md) | +9.7% | +17.5% |
| WTI | 2025-06-10 | [Crude price fall to continue in 2025-26 as global production outpaces demand: US EIA](https://feedsoft.ai/events/24394-crude-price-fall-to-continue-in-2025-26-as-global-production-outpaces-demand-us.md) | +9.9% | +5.1% |
| WTI | 2023-02-01 | [Crude oil prices forecast to decline beginning in the second half of 2023](https://feedsoft.ai/events/37958-crude-oil-prices-forecast-to-decline-beginning-in-the-second-half-of-2023.md) | -2.2% | -1.7% |

## Sources

- eia.gov: https://www.eia.gov/todayinenergy/detail.php?id=48376

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.