EIA cautions on oil demand

By Dow Jones newswires

The agency called for 35. 84 million barrels a day of OPEC production in 2014, down from its earlier forecast of 35. 93 million barrels a day. OPEC produced 36. 12 million barrels a day last year, according to the EIA.

Earlier Tuesday, the International Energy Agency also lowered its global demand forecast for 2014 to 92. 7 million barrels a day.

The agency maintained its forecasts for total US crude production at 8. 46 million barrels a day in 2015 and 9. 28 million barrels per day, noting it would represent the highest level of annual average oil production since 1972.

The EIA maintained its forecast for US average daily oil consumption at 18. 88 million barrels a day in 2014 but raised its 2015 forecast from 18. 95 million barrels a day to 18. 98 million barrels a day.

The US Energy Information Administration, in its monthly short-term energy outlook, cut its international consumption forecast to 91. 56 million barrels a day this year and 92. 96 million barrels a day next year.

Read more here: Business Spectator


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