March 2016, Vol. 243, No. 3

Features

U.S. Production to Fall to 8.1 MMbpd by Year End, Researchers Say

With sustained weakness in crude prices and oil rigs at the lowest level since the economic crisis of 2008, production in the United States is set to see significant year-over-year declines. U.S. production for the year peaked at 9.6 MMbpd in April and declined to 9.2 MMbpd by December. Industry research group Genscape expects these declines to continue into 2016 with production falling to 8.1 MMbpd by the end of 2016 – a 740 MMbpd year-over-year decline from 2015. In the last two weeks of 2015, total rig counts dropped 75 rigs, and Genscape’s 2016 North American Crude Oil Production Forecast shows rigs continuing to fall through mid-2016. Currently, 695 rigs are drilling wells in the Unit

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