EIA raised its 2015 US crude oil production forecast to 750,000 bpd
EIA slightly raises 2015 and 2016 oil production forecasts
NEW YORK, July 8, 2015
The US government modestly raised its 2015 and 2016 US crude oil production forecasts while lowering its price outlook.
In its short term energy outlook, the US Energy Information Administration (EIA) raised its 2015 US crude oil production growth forecast to 750,000 barrels per day (bpd) from 720,000 bpd.
The EIA forecast 2016 production will fall by 150,000 bpd, slightly less than its previous forecast of a 160,000 bpd decline.
The energy agency also lowered its forecasts for US and global crude oil prices for 2016.
The average 2016 price for West Texas Intermediate crude, the US benchmark, was forecast at $62.04 per barrel, a 5.4 percent drop from the previous monthly EIA forecast. The global benchmark Brent was forecast to average $67.04 per barrel, a 4.9 per cent drop from the previous monthly EIA forecast.
--Reuters
