Production forecasts: falling, not freezing
Welcome to our in-depth report on production forecasts
IF OIL prices remain around $30 a barrel, output from the world’s major producers will fall by 150,000 barrels a day by mid-2016 and by 0.583m b/d by the year’s end, according to Petroleum Economist’s special report this month. The US will suffer the steepest losses, followed by Russia, Asia, Latin America and the North Sea. Rising Middle Eastern production – chiefly from Iran and a bit from Iraq – and West Africa will temper the losses. These declines should offer glimmers of hope for a price revival. In tandem with a forecast rise in consumption of 1.2m b/d this year, supply and demand should come back into balance in the second half of 2016. Stocks would start to draw down. But strong pri
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
