US Crude output is still rising strongly but the strength of the growth appears to be slowing. Production hit 9.238mn b/d in May, just 400,000 b/d short of March 2015’s 45-year high, a level which the country remains on track to surpass in November, according to the EIA’s latest Short Term Energy Outlook (STEO), released 11 July.

However, whilst the EIA leaves its forecast for 2017 output as a whole unchanged from last month’s report at 9.33mn b/d, it revises down its...