New York—The US Energy Information Administration Tuesday released its August 2014 Short-Term Energy Outlook. Below are the key highlights: SUPPLY 1. World oil balance still tight; global surplus crude production capacity to average 2.1 million b/d in 2014 and 2.7 million b/d in 2015 2. Non-OPEC output to average 55.81 million b/d in 2014, and 56.90 million b/d in 2015 3. Combined US, Canadian output to rise by 1.8 million b/d in 2014, 1.1 million b/d in 2015 4. US crude production averaged 8.5 million b/d in July, the highest since April 1987 5. US crude production is forecast to average 9.3 million b/d in 2015, the highest annual average since 1972 6. OPEC crude output to average 29.57 million b/d in 2014, and 29.55 million b/d in 2015, down from 29.91 million b/d in 2013 7. Unplanned OPEC output disruptions averaged 2.6 million b/d in July, down slightly from June because of lower outages in Libya.
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