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Oil prices will stay around $55/barrel in 2015: IEA

by ChemOrbis Editorial Team -
  • 10/02/2015 (16:42)
In a monthly report released on February 10, the International Energy Agency (IEA) stated that crude oil prices will remain under pressure from ample supply and are therefore likely to stabilize at around $55/barrel this year.

According to the IEA, in spite of the lower US shale oil production following the closure of several rigs in North America as well as the suspension of some shale gas projects by several oil majors, the US will remain the world’s top source of crude oil supply growth, with output expected to rise to 5.2 million barrels per day (bpd) by 2020.

The IEA expects global crude oil demand to be 910,000 bpd this year before accelerating to 1.13 million bpd in 2016. Meanwhile, the agency predicted that demand for OPEC oil would increase to 29.90 million bpd in 2016 after reaching 29.4 million bpd in 2015 on the back of decreasing supply from non-OPEC countries such as Russia. According to the agency, Russia may see its crude oil output decline by 560,000 bpd from 2014 to 2020 due to sharp decreases in prices, international sanctions and the depreciation of the ruble.
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