Total US crude oil production declined 100,000 b/d in July compared with June, and is expected to continue decreasing through mid-2016 before growth resumes late in 2016, according to the US Energy Information Administration’s most recent Short-Term Energy Outlook (STEO) . In the outlook, EIA noted that global liquids production continues to exceed demand, resulting in strong inventory builds throughout the forecast period. Global oil inventory builds averaged 2.7 million b/d in second-quarter 2015, up 800,000 b/d from the first quarter. Inventory builds are expected to slow to roughly 1.8 million b/d in the second half of the year, and to 900,000 b/d in 2016. Brent crude oil prices are expected to average $54/bbl in 2015 and $59/bbl in 2016, $6/bbl and $8/bbl lower than in last month’s STEO, respectively. Forecast West Texas Intermediate crude prices in both 2015 and 2016 average $5/b less than the Brent price. Global […]