Skip to main content

Market Overview

IEA Cuts Oil Production Forecast

Share:

The International Energy Agency cut the estimate of crude oil production from OPEC countries by 300,000 barrels a day, with consumption increasing by 230,000 barrels a day, less than forecast last month.

Oil output from non-OPEC countries, however, is expected to expand at a faster pace than the IEA predicted last month. IEA also warned that production rising faster than demand could strain some nations' ability to store oil by the middle of next year.

OPEC will need to pump an average of 28.9 million barrels a day in 2015 according to the IEA, 1.4 million less than produced last month and below the 30-million-barrel target agreed on November 27.

Oil futures are lower on the news, with January WTI futures trading down $0.85 at $59.10 after briefly trading below the $59 level.

 

Related Articles (USO)

View Comments and Join the Discussion!

Posted-In: IEA International Energy AgencyNews Futures Econ #s Markets

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com