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EIA lowers US oil production forecasts for 2015-2016

by ChemOrbis Editorial Team - content@chemorbis.com
  • 13/05/2015 (12:05)
According to media reports, the US Energy Information Administration (EIA) reported that they lowered their US oil production forecasts for this year and 2016. The agency cited lower prices and a decreased number of active oil rigs as the main reasons behind their downwardly revised production forecasts.

The EIA reportedly cut their forecasts for 2015 oil production in the US to 530,000 barrels per day (bpd), down from a previous estimate of 550,000 bpd. For 2016, the agency revised its expectations for production growth to 20,000 bpd from 80,000 bpd.

Meanwhile, the EIA raised its forecasts for US oil demand growth in 2015 to 340,000 bpd from 330,000 bpd in last month. However, it lowered its demand growth forecast for 2016 to 70,000 bpd from 90,000 bpd.
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