U.S. crude oil production will continue to set records, but the pace of growth could be slower than what was thought just a month ago, according to the EIA’s latest Short-Term Energy Outlook (STEO) which revised down output estimates compared to the previous month—a first downward revision in six months. According to the March STEO, U.S. crude oil production averaged 11.9 million bpd in February, down slightly from the January average. The EIA now expects U.S. oil production to average 12.3 million bpd this year and 13.0 million bpd…
