Oil Output Seen Rising, despite fall in Its Price
NY Times: Even with oil prices continuing to plummet and oil companies decommissioning drilling rigs every day, the Energy Department on Tuesday projected that domestic crude production would continue to rise in 2015, although growth would slow.
The forecast of even more American supplies on an oversupplied global market was not unexpected, but it added to the probability that oil prices that have plummeted around 55 percent since June will not completely recover any time soon.
But the department projected a modest recovery for the Brent global oil price benchmark, now around $46 a barrel, which it said would average $58 a barrel this year but rebound to $75 in 2016. On Tuesday, both Brent and the American benchmark oil prices tumbled sharply, but later rose from their lows.
Read more: http://nyti.ms/14Wrxtl
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By Mary Leschper
Originally posted January 14, 2014
Energy Tomorrow is brought to you by the American Petroleum Institute (API), which is the only national trade association that represents all aspects of America’s oil and natural gas industry. Our more than 500 corporate members, from the largest major oil company to the smallest of independents, come from all segments of the industry. They are producers, refiners, suppliers, pipeline operators and marine transporters, as well as service and supply companies that support all segments of the industry.
