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15 Apr 2015
US Crude oil output to rise till 2020 – EIA
FXStreet (Mumbai) - The Energy Information Administration (EIA), on Tuesday forecast that domestic crude production will rise even more than expected a year ago, despite the rout in oil price.
The EIA said, “oil production will peak at 10.6 million barrels per day in 2020, a million barrels more than the high forecast a year earlier. Crude production will then moderate to 9.4 million barrels per day in 2040, 26% more than expected a year ago.”
The report sees Brent prices at USD 56/barrel in 2015, USD 91/barrel in 2025, which is USD 10 lower than levels expected a year ago.
The EIA said, “oil production will peak at 10.6 million barrels per day in 2020, a million barrels more than the high forecast a year earlier. Crude production will then moderate to 9.4 million barrels per day in 2040, 26% more than expected a year ago.”
The report sees Brent prices at USD 56/barrel in 2015, USD 91/barrel in 2025, which is USD 10 lower than levels expected a year ago.