US Energy Information Agency Increases 2015 Oil Forecast | Russell T. Rudy Energy LLC
The U. S. Energy Information Administration (EIA) has increased its forecast for domestic oil production to 9.53 million barrels per day (bpd) for 2015 according to a recent article in “Rigzone”. If realized, this would mean a 1 million bpd increase over 2014 levels. By year end 2015 the U. S. could be producing 10 million bpd, and reduce our imports of foreign crude to just 21% of total demand, the lowest level since 1968.
The good news is primarily attributable to the shale revolution which has boosted domestic oil production by more than 70% over the past six years. The news gets even better as domestic consumption of crude is expected to drop by .2% this year as opposed to 2013.
Concurrently, the EIA has lowered production forecasts for Organization of Petroleum Exporting Countries (OPEC) as members lower output in response to increases in non-OPEC nations.
To read the article in its entirety, please go to www.rigzone.com/news/oil_gas/a/134920/US .
