09.07.2014 - US EIA: Cuts 2014 World Oil Demnd Outlk,Raises Non-OPEC Supply
The U.S. Energy Information Administration Tuesday slashed its forecasts for how much it sees world oil demand growing in 2014, while increasing its expectation for how supply will come from non-OPEC producers this year. The agency reported in its July Short Term Energy Outlook that U.S. oil output in 2015 will likely average its highest level in 42 years, while also raising its forecast for U.S. and international oil prices. U.S. crude oil production is expected to increase from an estimated 7.4 million barrels per day in 2013 to 8.5 million bpd in 2014 and 9.3 million bpd in 2015. "The 2015 forecast represents the highest annual average level of oil production since 1972," the EIA said..........................................Full Article: Source
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