OPEC Cuts Forecast for U.S. Oil-Supply Growth After 2014’s Price Collapse
OPEC Sees U.S. Cuts in Lower Oil-Supply Forecast
This article is for subscribers only.
OPEC made the deepest cut to its forecast for oil-supply growth from countries outside the group in at least six years, saying a price rout means U.S. drillers will produce less than previously anticipated.
Non-OPEC nations will pump about 400,000 barrels a day less than previously estimated, according to a report from the Vienna based Organization of Petroleum Exporting Countries on Monday. It’s the biggest reduction since at least the start of 2008, according to data compiled by Bloomberg. It was led by a 130,000 barrels-a-day decrease from the U.S. while Colombia, Canada and Yemen estimates were also trimmed.