pg 54 from the Section Non OPEC Supply OECD Americas US
"Tight crude producers are aware that typical oil wells in shale plays decline 60% annually, and that losses can only be recouped by drilling new wells. As drilling subsides due to high costs and a potentially sustained low oil price, a drop in production can be expected to follow, possibly by late 2015. In January, many uncontracted rigs were dropped by producers, given accelerated price declines."
pg 92
"Demand for OPEC crude in 2014 was unchanged from the previous report to stand at 29.1 mb/d, which is 1.3mb/d less than the previous year. Demand for OPEC crude in 2015 remained unchanged to average 29.2 mb/d, 0.1 mb/d higher than last year."
"Demand for OPEC crude for 2015 was unchanged from the previous report averaging 29.2 mb/d, an increase of 0.1 mb/d from estimated 2014 levels. The first and the second quarter are expected to see a decline of 0.9 mb/d and 0.2 mb/d, respectively, when compared with the same period a year earlier. In contrast, the third and the fourth quarters are projected to increase by 0.4 mb/d and 1.2 mb/d, respectively."
SSN Price at posting:
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