OPEC's monthly report has forecast a decline in US output of crude oil and natural gas liquids from Q3-2015, after the US government data showed the second fall in weekly oil production in three weeks. This has resulted in oil prices have peaking to 2015 highs amid sustained expectations that US oil production will begin to ease, alleviating the global glut of crude. Light, sweet crude on the Nymex for May rose to US$56.7 1 a barrel, the highest settlement since Dec. 23, while Brent rose to US$63.9, the highest level since December 10. Since oil prices plunges in H2-2014, US shale gas companies have slashed spending on new production and sharply cut the number of rigs drilling for oil. Some effects of that rig-count drop is beginning to show now.
17-Apr-15 
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