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U.S. Oil Production May Drop to 24-Year Low in 2016
America's output of crude oil is likely to plunge from record highs to its lowest level since 1992 next year among sources outside the Organization of the Petroleum Exporting Countries, predicts the Paris-based International Energy Agency.
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America's output of crude oil is likely to plunge from record highs to its lowest level since 1992 next year among sources outside the Organization of the Petroleum Exporting Countries, predicts the Paris-based International Energy Agency.
IEA blames a 50% drop in oil prices, which sagged to a six-year low in August. The decline will reduce output from non-OPEC producers by 500,000 barrels per day, according to IEA's September forecast. It says U.S. production, which rose by 1.7 million bpd last year, is likely to decline by 400,000 bpd in 2016.
The agency reports that OPEC's crude oil production fell by 220,000 bpd last month but still totaled 1.2 million bpd more than a year earlier. IEA expects worldwide demand for oil will reach a five-year high of 1.7 million bpd this year and decline to 1.4 million bpd in 2016.
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