Latest output forecasts from the US government’s Energy Information Administration show  crude and NGLs output soaring to new levels in 2019. Both figures, 11.79mn b/d for crude and 4.78mn b/d for NGLs, are 40,000 b/d hikes from the figures forecast last month.

Total crude plus NGLs output topped 14mn b/d for the first time in February and 15mn b/d in May. It is now set to breach 16mn b/d from January 2019 and 17mn b/d from November next year. Average 2018 output of 15.14mn b/d...