The US Energy Information Administration (EIA) has reviewed its forecast for the production of crude oil American, says CommerzBank raw material analyst Carsten Fritsch.
EIA cuts the US oil production again.
“Now awaits an average annual production volume of 13.37 million barrels per day for this year (previously 13.41 million). The majority of the downward review is related to the last three months and July. The EIA expects the production volumes to remain below 13.5 million barrels per day until next spring and fall to 13.25 million barrels per day by the end of next year.”
“The fact that US crude oil production is not likely to be mainly due to shale oil production in the Permica basin. Until last year, the largest schist oil site was the driving force behind the increase in oil production in the US”
“However, the volume of production is expected to be barely increased from now on and that it falls slightly next year. The significant fall in the drilling activity is taking invoice here.”
Source: Fx Street
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