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EIA raises US oil production forecast for 2015, trims for 2016

by ChemOrbis Editorial Team - content@chemorbis.com
  • 12/03/2015 (12:24)
According to media reports, the U.S. Energy Information Administration (EIA) raised its 2015 forecast for oil production in the US. The EIA expects the country’s total oil production to increase to 9.35 million barrels per day (bpd) in 2015, an upward revision from last month’s forecast of 9.3 million bpd. For 2016, the EIA revised its forecast for US oil production downwards to 9.49 million bpd from a previous estimate of 9.52 million bpd.

In a separate report, the EIA stated that oil production from US shale fields would grow at its slowest pace in over four years starting in April and that production at the six largest shale sites is expected to hit 5.6 million bpd in April, an increase of less than 300 bpd over March.

The EIA also reported that West Texas Intermediate crude futures are expected to be at around $52.15/barrel in 2015, down from the agency’s previous forecast of $55.02/barrel.
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