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EIA cuts oil price estimates for 2016-2017

by ChemOrbis Editorial Team -
  • 09/03/2016 (11:43)
According to media reports, the Energy Information Administration (EIA) cut its forecasts for oil prices in 2016 and 2017 in its new short-term energy outlook. Brent crude oil prices will hover around $34/barrel in 2016 and $40/barrel in 2017, down $3/barrel and $10/barrel from their forecasts in the previous month. WTI crude oil futures, meanwhile, are expected to stand near Brent prices in 2016 and 2017.

The EIA also reported that the US produced 9.4 million barrels of oil per day (bpd) in 2015 while they expect to see an average oil production of 8.7 million bpd in 2016 and 8.2 million bpd in 2017. According to the IEA, the US crude oil production declined around 80,000 bpd on the month to 9.1 million bpd in February.
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