More supply, less demand
- EIA cuts 2015 world demand forecast by 40,000 barrels per day
- Now sees 1.37 million barrel per day year-on-year increase
- 2016 world oil demand growth unchanged at 1.4 million barrels per day increase
- Sees 2015 US oil production up 630k bpd compared to +580k bpd prior
- Sees 2016 US oil production down 570K bpd compared to -520K bpd prior
There are just a bunch of shifting timelines here for the most part. They're recognizing that their 2015 forecasts were wrong (there was less demand and more supply) but they're pushing everything out into 2016.
