EIA Revises OPEC 1Q Oil Output Down By 500,000 B/D

The U.S. said Tuesday it revised downward by 500,000 barrels a day its forecast for OPEC’s crude oil output in the first quarter.
The federal Energy Information Administration now estimates that the Organization of Petroleum Exporting Countries will average oil production of 28.6 million barrels a day in the three months ending March 31. A month ago, the EIA said it expected OPEC to produce 29.1 million barrels a day in the period.
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