Image courtesy of Ed Schipul/Flickr.

The U.S. Energy Information Administration cut its 2015 global oil demand forecast by 200,000 barrels while U.S. production growth shows signs of slowing amid weak oil prices.

The United States is expected to produce an average 9.3 million barrels per day in 2015.

Total production in 2015 is forecast to grow by 8.4 percent over 2014, down from the average 15.1 percent yearly spike seen during the last three years.

Bakken production will go up by about 27,000 bpd to 1.25 million bpd.

Production in Eagle Ford is projected to spike by 30,000 bpd to 1.69 million bpd and production at the Permian Basin is expected to grow by 46,000 bpd to 1.87 million bpd.

Lower oil prices will make drilling in both emerging and mature areas less profitable.

However, oil prices in 2015 are expected to stay high enough to support new projects in North Dakota and Texas shale plays, the EIA said.

Production at the Bakken, Eagle Ford and Permian plays is projected to climb by about 103,000 barrels per day from January until December 2015.

Well productivity is also growing with each new Bakken well set to produce about 50 barrels per day more in January 2015 than in June 2014.

Gas production from the major shale plays is also expected to jump by 0.6 billion cubic feet per day month over month to 44.7 bcfd in January 2015.


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