EIA overestimates us oil output: consultant

摘要

The US Energy Information Administration (EIA) is overestimating domestic crude production by more than 1mn b/d, according to a report by oil consultant Philip Verleger. US output in April was likely 1.1mn b/d less than the 9.3mn b/d estimated by the EIA, Verleger said. US output was off by a slightly smaller degree over the past six months because of flaws in the model the EIA uses, Verleger said. The EIA estimates weekly domestic crude production using a combination of short-term forecasts and the latest available production estimates from Alaska. The use of a forecast of future production as actual data “is an important mistake,” Verleger said