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EIA expects US crude oil output to decline in 2016

by ChemOrbis Editorial Team - content@chemorbis.com
  • 11/11/2015 (13:46)
In its monthly short-term energy outlook, the Energy Information Administration (EIA) trimmed its estimates for US oil production in 2016 by 1% to 8.77 million barrels of oil per day (bpd) while raising its forecasts for this year to 9.29 million bpd from an earlier estimate of 9.25 million bpd in October.

The agency cited lower rig counts stemming from plunging oil prices as the main factor behind their downward revision. The EIA reported that the number of active oil rigs in the US has fallen by 103 in the past four months to 572, representing the lowest number seen in five years.

According to the EIA, crude oil output from non-OPEC countries will decline next year in line with lower production in the US.

For oil prices, meanwhile, the EIA expects NYMEX crude futures to quote at around $49.88/barrel this year, up from its estimates of $49.53/barrel while the agency cut its projections for 2016 to $51.31/barrel from October’s estimate of $53.57/barrel. According to the EIA, Brent crude oil prices will be around $56.24/barrel next year, down from the previous estimate of $58.57.
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