The total oil production from the seven major shale basins in the U.S. was expected to rise 113,000 bbl/d, driven largely by increases in the Permian Basin, the EIA said.
The Paris-based IEA said in its World Energy Outlook 2018 that energy demand would grow by more than a quarter between 2017 and 2040 assuming more efficient use of energy but would rise by twice that much without such improvements.
China has overtaken Japan to become the world's top importer of natural gas, as Beijing's crackdown on pollution boosts its demand for the more environmentally friendly fuel, while the restart of nuclear reactors in Japan reduces its LNG imports.
U.S. pipeline company Energy Transfer said federal energy regulators approved the company's request to put the last two segments of its $4.2 billion Rover natural gas pipeline into service.
A Stratas Advisors director told Midstream Finance conference attendees that the latest look into the crystal ball of five-year outlook has U.S. supply growth positioning the country to become a net crude exporter.
As U.S. oil production rises - setting records in average daily output nearly every month this year - the companies that convert crude to diesel and gasoline are increasing their ability to consume more crude and generate higher profits.
Chesapeake Energy and Encana made headlines this week with multibillion-dollar acquisitions. Also, crude oil and natural gas production hit new records and the industry is watching initiatives on the ballot in Colorado and Washington state next week.