U.S. OIL DOWN
In the May Short-Term Energy Outlook (STEO), released on May 12, EIA raised its 2015 price forecast for North Sea Brent crude oil to an annual average of $61/barrel (b), $1/b higher than in the April STEO. At the same time, EIA lowered its 2016 forecast of Brent prices to $70/b, $5/b lower than in the April STEO.
The May STEO Brent crude price projection for the second quarter of 2015 averages $63/b, $8/b higher than last month's forecast. The higher forecast reflects actual prices in April that were above EIA's prior STEO forecast. Several factors contributed to higher crude oil prices in April, including indications of stronger global oil demand growth, expectations for…
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US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed.
Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed oil production cuts into a second month, a Saudi official familiar with the policy said.
Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry’s expectations outlined in Vision 2035 on the UK Continental Shelf (UKCS).
U.S. FRB - Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.