U.S. Cuts Oil Output Forecast as Lower Prices Curb Rig Count
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The Energy Information Administration cut its U.S. crude production outlook for this year and next, as lower prices reduce the number of drilling rigs
The agency reduced its forecast by 1.2 percent to 9.36 million barrels a day this year, according to its monthly Short-Term Energy Outlook. Production will still be up 650,000 barrels a day from 2014. It reduced its 2016 forecast to 8.96 million barrels a day from 9.32 million.