Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.