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16 Mar 2015
US oil boom could decline by year end – OPEC
FXStreet (Mumbai) - The OPEC group, in its monthly report, has said that the US oil production could start declining by year end due to high cost and a potentially sustained lower oil price.
The group also revised global oil forecast lower to 29.19 million barrels per day from the previous forecast of 29.21 million barrels per day. The total world oil demand forecast was left unchanged at 1.1 million barrels per day. The group also left US production forecast unchanged, however, it does predict the fall in the US output by year end.
The OPEC group’s forecast about US oil production contradicts the International Energy Agency’s view that US growth would slow but not decline in the second half of the year.
The group also revised global oil forecast lower to 29.19 million barrels per day from the previous forecast of 29.21 million barrels per day. The total world oil demand forecast was left unchanged at 1.1 million barrels per day. The group also left US production forecast unchanged, however, it does predict the fall in the US output by year end.
The OPEC group’s forecast about US oil production contradicts the International Energy Agency’s view that US growth would slow but not decline in the second half of the year.