Washington—The US Energy Information Administration Tuesday slashed its crude price forecasts nearly in half from last year’s levels while forecasting that a post-sanctions Iran would add 300,000 b/d to the global market in 2016. “Global oil inventories are growing at their highest rate in almost two decades, which should help keep oil prices low through the end of next year,” EIA Administrator Adam Sieminski said in a statement following the release of the agency’s Short- Term Energy Outlook.
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