[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Sign-in]  [Mail]  [Setup]  [Help] 

Status: Not Logged In; Sign In

Earth Changes Summary - June 2025: Extreme Weather, Planetary Upheaval, China’s Tofu-Dreg High-Speed Rail Station Ceiling Suddenly Floods, Steel Bars Snap Russia Moves to Nationalize Country's Third Largest Gold Mining Firm Britain must prepare for civil war | David Betz The New MAGA Turf War Over National Intelligence Happy fourth of july The Empire Has Accidentally Caused The Rebirth Of Real Counterculture In The West Workers install 'Alligator Alcatraz' sign for Florida immigration detention center The Biggest Financial Collapse in China’s History Is Here, More Terrifying Than Evergrande! Lightning Cash Jordan NYC Courthouse EMPTIED... ICE Deports 'Entire Building Trump Sparks Domestic Labor Renaissance: Native-Born Workers Surge To Record High As Foreign-Born Plunge Mister Roberts (1965) WE BROKE HIM!! [Early weekend BS/nonsense thread] I'm going to send DOGE after Elon." -Trump This is the America I grew up in. We need to bring it back MD State Employee may get Arrested by Sheriff for reporting an Illegal Alien to ICE RFK Jr: DTaP vaccine was found to have link to Autism FBI Agents found that the Chinese manufactured fake driver’s licenses and shipped them to the U.S. to help Biden... Love & Real Estate: China’s new romance scam Huge Democrat shift against Israel stuns CNN McCarthy Was Right. They Lied About Everything. How Romans Built Domes My 7 day suspension on X was lifted today. They Just Revealed EVERYTHING... [Project 2029] Trump ACCUSED Of MASS EXECUTING Illegals By DUMPING Them In The Ocean The Siege (1998) Trump Admin To BAN Pride Rainbow Crosswalks, DoT Orders ALL Distractions REMOVED Elon Musk Backing Thomas Massie Against Trump-AIPAC Challenger Skateboarding Dog

Business/Finance
See other Business/Finance Articles

Title: IEA sees collapse in 2016 US oil output
Source: [None]
URL Source: [None]
Published: Sep 11, 2015
Author: staff
Post Date: 2015-09-11 07:20:02 by Tatarewicz
Keywords: None
Views: 37

PressTV...

The International Energy Agency (IEA) says it expects low oil prices to force the US to cut output by the steepest rate in more than two decades next year.

The IEA in a report has warned that the production of other non-OPEC producers could also be reduced.

The agency said global oil demand was poised to climb to a five-year high this year thanks to lower prices, adding that production cuts by the US and others could help rebalance an oversupplied market.

Reuters has described IEA’s report as one of the most bullish for OPEC since the group shocked markets last year by deciding against cutting production, choosing to fight for market share and depress the output of higher-cost producers such as the United States.

"The big story this month is one of tightening supply, with the spotlight firmly fixed on non-OPEC," the IEA said in its monthly report.

"Oil's price collapse is closing down high-cost production from Eagle Ford in Texas to Russia and the North Sea, which may result in the loss next year of half a million barrels a day - the biggest decline in 24 years."

The projected drop in output would be the largest since 1992, when non-OPEC supply contracted by 1 million barrels per day (bpd) from the previous year, with the collapse of the former Soviet Union, Reuters said.

The IEA further emphasized that it expects the world demand for oil to rise within the next few months.

As a result, the world would need much more crude from OPEC, it said. The agency estimated that the group would need to pump around 31.3 million bpd in 2016 - 0.5 million bpd more than the forecast in the previous IEA report - to balance the market.

Poster Comment:

Consolation may be that fracking and consequent environmental degradation will be reduced.

Post Comment   Private Reply   Ignore Thread  

[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Sign-in]  [Mail]  [Setup]  [Help]