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EIA cuts US oil production forecasts for 2015-16

by ChemOrbis Editorial Team - content@chemorbis.com
  • 10/09/2015 (11:23)
According to media reports, the US Energy Information Administration (EIA) reported in its monthly short-term energy outlook that US oil production declined by 140,000 barrels of oil per day (bpd) from a month earlier in August to 9.1 million bpd, hitting the lowest levels since September 2014. The country’s oil output has stepped back from 9.6 million bpd in April, the highest level seen since 1971.

The EIA also said that they expect to see lower oil production in 2015 and 2016 as the market is already oversupplied and lower crude oil prices in the face of ample supply are cutting into oil producers’ margins. The Organization of Petroleum Exporting Countries (OPEC) is also producing above its target of 30 million bpd.

Meanwhile, the EIA cut its forecast for US oil output in 2015 and 2016 to 9.2 million bpd and 8.8 bpd respectively, down 1.5% from its previous estimates. According to the EIA, NYMEX crude oil futures will average $53.57/barrel in 2016, down 1.6% from its previous forecast while Brent oil prices will decline 1.4% from their earlier estimates to average around $58.57/barrel next year.
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