OPEC cut the forecast for how much crude oil it will need to
provide in 2015 to the lowest in 12 years amid surging U.S. shale supplies and
reduced estimates for global consumption.
The Organization of Petroleum Exporting Countries lowered
its projection for 2015 by about 300,000 barrels a day, to 28.9 million a day.
That’s about 1.15 million a day less than the group’s 12 members pumped last
month, and the 30-million barrel target they reaffirmed at a meeting in Vienna
on Nov. 27. The impact of this year’s 40 percent price collapse on supply and
demand remains unclear, OPEC said.
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