EIA cuts US oil production forecasts for 2015-16
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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