The U.S. Energy Information Administration (EIA) forecasts that the Brent crude oil price will average $90 per barrel in February and nearly $88 per barrel for the first half of this year. In its February Short-Term Energy Outlook (STEO), EIA estimates that commercial oil inventories in the OECD fell to their lowest levels since mid-2014, .
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The U.S. Energy Information Administration (EIA) predicted U.S. oil production will continue to grow, climbing to 12.4 million barrels per day by 2023.