U S Energy Information Administration reduces 2015 Forecast | Russell T. Rudy Energy LLC
Last week the U. S. Energy Information Agency (EIA) reduced its 2015 forecast for worldwide oil demand as well as OPEC production, according to a recent article in “Rigzone”. These downward revisions are based on the assumption that there will be surplus supplies next year. In September the EIA forecast global demand at 91.55 barrels of oil per day (bopd), but revised it down to 91.47. This reflects an increase in consumption of 1 million bopd over anticipated 2014 levels.
The agency also reduced its estimate for OPEC liquids production in 2015 by 350,000 bopd, down to 35.51 million bopd. Estimates for U. S. crude production remain virtually unchanged at 9.5 million bopd next year.
With reduced demand, the EIA said it expects the price for international benchmark Brent crude to drop to $101.67, a decrease of over $1 per barrels vs. its previous forecast. The agency also noted that in September, Brent dropped below $100 per barrel for the first time in more than two years.
To read the article in its entirety, please go to www.rigzone.com/news/article.asp?hpf=1&a_id=135324&utm .
