Unless prices recover, the US oil production will start falling before the end of 2015 as new drilling is insufficient to replace declining output from wells completed in 2013 and 2014, said an expert.
Future production depends on
Brent futures held steady above $111 a barrel on Friday on signs of an improving demand outlook, although the benchmark is still set to post its biggest weekly loss since early January as supply worries that have rattled oil markets for weeks re
Rising oil and gas production and improving energy efficiency in the US could slash its oil imports in half by the end of 2020 from levels seen two years ago, the West's energy watchdog said on Wednesday.
The Paris-based Inter
US oil continued to trade above Brent futures on Monday after flipping to a premium for the first time since 2010 in the previous session, while both benchmarks held firmly above $108 a barrel amid hopes of a revival in global demand growth.
Brent crude futures slipped to $126 on Friday, coming off an 11-month high, as fears of a supply disruption from Saudi Arabia eased and the market focused on lower seasonal demand for oil in the coming months.
Oil prices had surged nearly
US crude turned positive on Thursday as the dollar weakened further, while ICE Brent slipped ahead of its expiry and on concerns over further global economic slowdown.
By 0930 GMT, US crude for August rose 33 cents to $98.38 a barrel
Brent crude rose over $119 a barrel and US crude hit a 2-1/2-year high on Monday at more than $108 as unrest in the Middle East and North Africa triggered concern that supplies could be dented while economic growth bolsters demand.
US crude accelerated a drop towards $104 a barrel after the Kuwaiti oil minister said Opec is in talks to increase production.
Opec is in consultations regarding a potential output rise, Kuwait's Oil Minister said on Tuesday, but added tha