Thursday, April 16, 2015

OPEC Sees Booming U.S. Oil Production Ending This Year

The booming growth in U.S. oil supplies will end in 2015, the Organization of the Petroleum Exporting Countries now says, citing a significant cutback in the number of drilling rigs, reports WSJ.

In its closely watched monthly market report, OPEC said U.S. oil supplies would grow to about 13.65 million barrels a day in the second quarter of 2015 and then level off, beginning to decline in the second half of the year. The number includes crude oil and other petroleum liquids such as condensates.

The forecast represents another downward revision of the cartel’s expectations for U.S. oil output.

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