Post Tagged with: "oil market report"

IEA: U.S. Oil Production Approaching a Crossroads

IEA: U.S. Oil Production Approaching a Crossroads

United States oil production and its diminishing storage capacity may lead to another drop in oil prices, according the International Energy Agency’s (IEA) Oil Market Report for March 2015. The Agency revised its oil demand outlook upward, but the increase was offset by a similar revision on the production side. U.S. production is expected to average 12.56 MMBOEPD in 2015, up from February’s estimate of 12.41 MMBOEPD, for a total year-over-year increase of 0.75 MMBOEPD. Global demand was revised upward by to about 1 MMBOEPD, an increase of 0.13 MMBOEPD and is expected to average 93.5 MMBOEPD total in 2015. Oil & Gas 360®’s latest Chart of the Week showed the declining rig count in oil plays, but production is maintaining its upward trend even though there are 34% less rigs in action now as compared to December 2014. The Energy Information Administration (EIA) expects domestic production to flatten in[Read More…]