The US Vitality Data Administration (EIA) has revised its forecast for US crude oil manufacturing additional downwards, Commerzbank’s commodity analyst Carsten Fritsch notes.
EIA cuts US oil output forecast once more
“It now expects an annual common manufacturing quantity of 13.37 million barrels per day for this yr (beforehand 13.41 million). The vast majority of the downward revision pertains to the previous three months and July. The EIA expects manufacturing volumes to stay under 13.5 million barrels per day till subsequent spring and fall to 13.25 million barrels per day by the top of subsequent yr.”
“The truth that US crude oil manufacturing is unlikely to extend any additional is primarily attributable to shale oil manufacturing within the Permian Basin. Till final yr, the most important shale oil deposit was the driving pressure behind the rise in US oil manufacturing.”
“Nevertheless, the manufacturing quantity there may be anticipated to barely enhance any longer and to fall barely subsequent yr. The numerous drop in drilling exercise is taking its toll right here.”
