EIA Lowers OPEC Output Estimates

The U.S. Energy Information Administration (EIA) has lowered its forecast for OPEC oil production, excluding Iraq, in the current quarter by 100,000 barrels per day (bpd) to 26.1 million bpd. OPEC production has increased from the second quarter but the cartel's output has not risen as high as the agency had previously estimated. EIA forecast last month that OPEC production would be 26.2 million bpd in third quarter.