The benchmark US crude oil futures price jumped more than $2/bbl on Apr. 8 after the US Energy Information Administration released a report saying government analysts reduced their earlier oil production forecast for this year and next. EIA estimates the US will produce 8.37 million b/d during 2014, down from an earlier forecast of 8.39 million b/d. During 2013, US oil production was 7.44 million b/d. For 2015, EIA revised its production forecast to 9.13 million b/d, down from an earlier forecast of 9.16 million b/d. US total oil consumption for 2014 was forecast at an average 18.9 million b/d, up slightly from EIA’s earlier forecast of 18.89 million b/d. EIA also increased its price forecast for 2014. Benchmark light, sweet crude was forecast to average $95.60/bbl for the year, up 27¢ from EIA’s forecast made in March, and $2.31/bbl lower than the 2013 average, the agency said in […]