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EIA leaves 2016 US crude output forecast unchanged, lowers 2015

[NEW YORK] The US government on Wednesday left unchanged its outlook for a decline in 2016 US crude oil production, but lowered its 2015 growth forecast.

In its short term energy outlook, the US Energy Information Administration said that production in 2016 would fall by 400,000 barrels per day (bpd) to 8.82 million bpd. Last month, it said production would also fall 400,000 bpd, but the outright production figure was higher at 8.96 million bpd.

The 2015 crude oil output forecast was lowered to 500,000 bpd of growth, from 650,000 bpd of growth previously.

Meanwhile, the 2016 US oil demand growth forecast was lowered to 130,000 bpd from 190,000 bpd growth previously. The 2015 US oil demand growth was set to rise by 330,000 bpd from 400,000 bpd previously.