The US Energy Information Administration sees more global oil supply and slightly lower demand this year and next, despite production cuts by OPEC and US sanctions on Venezuela creating a potential supply disruption. EIA said Tuesday in its Short-Term Energy Outlook that the rise in US oil production would more than offset OPEC’s cuts that started in January. “Despite many uncertainties, EIA believes strong growth in global oil production will put downward pressure on prices,” EIA Administrator Linda Capuano said in a statement. OPEC members produced an estimated 30.73 million b/d in January, down from 31.37 million b/d in December. Saudi Arabia cut production by 400,000 b/d from December to 10.1 million b/d in January, EIA said. Sanctions-hit Iran pumped 2.65 million b/d in January, up 50,000 b/d from December and the first increase since […]