Oil Supply & Demand is tightening

dan_s · Post by **dan_s** » Sat Apr 25, 2015 9:35 am

CEO of Core Labs, David Demshur forecasted a significant drop in drilling worldwide, led by the United States by the end of the year. He cited that currently the U.S. is producing 9.2 million barrels per day, and by the end of the year it will fall below 9 million barrels per day. Thus, year over year from 2014 to 2014 production will fall.

“As we speak, the U.S. oil production is rolling over…with those kind of decline curves, it doesn’t take long when you cut the rig count in half to get a fall in U.S. production,” Demshur said.

The CEO confirmed that around the world, they are starting to see that the amount of crude produced in countries such as Russia have fallen as well. He anticipates that any recent gains in the Middle East are not sustainable long-term.

Read: http://www.oilandgas360.com/core-labs-c ... a-26401157