The booming growth in U.S. oil supplies will end in 2015, the
Organization of the Petroleum Exporting Countries said Thursday,
citing a significant cutback in the number of drilling rigs.
In its closely watched monthly market report, OPEC said U.S. oil
supplies would grow to about 13.65 million barrels a day in the
second quarter of 2015 and then level off, beginning to decline in
the second half of the year.
Meanwhile, OPEC said demand for its own crude would rise
slightly to about 29.3 million barrels a day, while demand for
non-OPEC supplies would fall by about 165,000 barrels a day.
The U.S. rig count decreased by 238 rigs over four weeks in
March to 1,110 rigs, decelerating the pace from last month's 335
rigs taken out of service, OPEC said, quoting data from Baker
Hughes.
The Vienna-based organization kept global oil demand growth
unchanged at 1.17 million barrels a day for 2015.
Write to Summer Said at summer.said@wsj.com
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