EIA forecasts Brent crude oil prices will average $61/b in 2015 and $67/b in 2016.
More than $100bn of investment has been deferred or scrapped in response to the near-50 per cent plunge in crude over the past year.
The Canadian Association of Petroleum Producers on Tuesday said it expects Canadian crude output—mostly from Alberta’s oil sands—to reach 4.96 million barrels a day by 2025. That forecast is less than the previous estimate of 5.6 million barrels a day and the 6.0 million barrels a day it had forecast back in 2013.
The collapse in crude prices will pinch Canada’s long-term oil output growth by more than a million barrels a day, highlighting the lasting impact of energy companies’ capital spending cuts, said an industry group in the world’s fifth-largest producer.
China had surpassed the United States in oil imports. It’s true that overall, China’s oil composition growth has slowed, however, their new title does point to the fact that China will consume significant amounts of crude for years to come.
Oil & gas output from ultra-deepwater (>1,000m water depth) fields will continue the relentless growth seen in recent years. In the latest World Drilling & Production Forecast, Douglas-Westwood predict combined oil & gas production from such fields will grow 7.7% year-on-year over 2015-2021 from 6.5 mboe/d to 10.2 mboe/d.
U.S. Rig Count is down 7 rigs from last week to 868, with oil rigs down 4 to 642, gas rigs down 3 to 222, and miscellaneous rigs unchanged at 4.
Russia will begin importing Iranian oil under a long-heralded oil-for-goods barter arrangement in the coming week, Iran's oil minister was quoted as saying, more than a year after negotiations began.
Compared with 2014, IHS expects investment capital in US shale oil plays to be 65% more efficient at the start of 2016 than the start of 2015 due to compounding productivity and cost cuts
The outlook in the Texas oil and gas sector remains negative as most companies expect low capital spending in 2016, the Dallas Federal Reserve said.