The Energy Information Administration said domestic output of crude oil will climb to a record 9.96 million barrels a day in 2018, up from 9.9 million barrels projected last month, according to the agency’s monthly Short-Term Energy Outlook released May 9.

Oil fell to the lowest in more than a month as the U.S. crude glut is seen moving to brimming fuel tanks. 

Oil slipped after an industry report was said to show a smaller-than-anticipated U.S. crude inventory decline.

Oil was little changed before a meeting between OPEC and its allies that may signal the outlook for extending their output curbs.

Oil dropped to the lowest in more than two weeks amid estimates that U.S. crude and gasoline inventories continue to climb.

Oil retreated from a 16-month high after OPEC pumped a record amount of crude in November.

Oil fell as the market’s focus shifted from the shock of Donald Trump’s U.S. presidential election victory to questions about OPEC’s ability to rebalance crude supply and demand.

Nationwide crude stockpiles fell 553,000 barrels in mid-October, according to the Energy Information Administration.

The Energy Information Administration bolstered its U.S. crude production outlook for 2016 and next year.

Oil extended its decline after a government report showed that U.S. crude stockpiles unexpectedly rose last week.