| U.S. oil and natural gas production could slow for the first time in nearly a decade next year, according to the Organization of Petroleum Exporting Countries’ monthly projection released Monday. OPEC’s October report forecast total U.S. production, both crude oil and natural gas liquids, to slow by 100,000 barrels per day, about 13.5 million bpd total for 2016. That’s a significant reversal from the group’s previous estimate in September that saw the U.S.
speeding up its output by 220,000 bpd, and the first time in eight years OPEC said it expected a drawback in production for the country. The OPEC report is in line with most other recent projections that assume the U.S. will slow its oil and gas output next year. The Paris-based International Energy Agency said last month, when crude oil was still muddled below $50, that drillers in most major shale plays are operating at below their break-even price...............................................Full Article: Source
|