OPEC cut forecasts for global oil-supply
growth in 2015 as U.S. producers lead a slowdown in drilling
after last year’s price collapse.
The Organization of Petroleum Exporting Countries lowered
its estimate for non-OPEC supply growth by about 400,000 barrels
a day, led by a reduction of 130,000 a day in the U.S. Estimates
for Colombia, Canada and Yemen were also trimmed.
The group said it may boost global demand forecasts beyond this month’s slight increase amid rising U.S. gasoline use.
Oil has rebounded more than 20 percent in the past two weeks in London as a seven-month price slump pressured U.S. drillers to idle rigs and companies from Royal Dutch Shell Plc to Chevron Corp. to curb spending plans.
U.S. oil explorers have cut the number of rigs in operation to the lowest in three years, data from Baker Hughes Inc. showed on Feb. 6.
“The main factors for the lower growth prediction in 2015
are price expectations, a declining number of active rigs in
North America, a decrease in drilling permits in the U.S. and a
reduction in the 2015 spending plans of international oil
companies,” OPEC’s Vienna-based research department said in its
monthly market report.
The group said it may boost global demand forecasts beyond this month’s slight increase amid rising U.S. gasoline use.
Oil has rebounded more than 20 percent in the past two weeks in London as a seven-month price slump pressured U.S. drillers to idle rigs and companies from Royal Dutch Shell Plc to Chevron Corp. to curb spending plans.
U.S. oil explorers have cut the number of rigs in operation to the lowest in three years, data from Baker Hughes Inc. showed on Feb. 6.
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