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15 Jan 2015
Another set of bearish Oil forecasts is here
FXStreet (Mumbai) - In its January month report released today, the Organization of Petroleum Exporting group (OPEC) predicts the demand for its oil would drop to 28.78 million barrels per day (bpd) in 2015, down 140,000 bpd from its previous expectation.
Owing to a slowdown in US shale boom , the group also revised its non-OPEC supply forecast lower. However, the production in the US is still expected to increase by almost 1 million bpd even at the current level of oil price.
Meanwhile, if reports are to be believed, Iraq is planning to boost its monthly crude exports fro its southern ports to a record high level in February.
Elsewhere, Bank of America Lynch lowered its oil forecasts today saying that Brent could fall as low as USD 31/barrel by the end of the first quarter of 2015.
Owing to a slowdown in US shale boom , the group also revised its non-OPEC supply forecast lower. However, the production in the US is still expected to increase by almost 1 million bpd even at the current level of oil price.
Meanwhile, if reports are to be believed, Iraq is planning to boost its monthly crude exports fro its southern ports to a record high level in February.
Elsewhere, Bank of America Lynch lowered its oil forecasts today saying that Brent could fall as low as USD 31/barrel by the end of the first quarter of 2015.