EIA out with its latest look at the US oil market

  • Sees 2015 oil demand up by 330,000 BPD vs 400,000 previously
  • Sees 2016 US oil demand up 130,000 BPD vs 190,000 previously
  • Lowers 2015 crude oil production growth forecast to 500,000 BPD vs 650,000 previously
  • Leaves 2016 production forecasts unchanged
  • Cuts 2015 and 2016 world oil demand growth forecasts

Lower demand and lower production balance out the US side but rising Iran production will be what weighs on world oil prices.