US oil output to fall for 1st time in eight years in 2016
The US’ total crude and natural gas production will decline by 0.5% to 12.47 billion per day (bpd) in 2016, reported OPEC in its monthly market report, citing lower oil prices which have pushed most oil drillers to cut production and spending as the main reason behind their weaker output projections.
According to the US Energy Information Agency, meanwhile, in the August-September period, the US’ weekly crude oil production declined around 330,000 bpd compared with the June-July period while the agency also reported that they expect US crude output to decline through August 2016 and then to rise in late 2016.
In September, the EIA also said that they expect to see lower oil production in the US as the market is already oversupplied and lower crude oil prices stemming from ample supply are cutting into oil producers’ margins.
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