EIA International Energy Outlook report projects Crude Oil Prices rebounding to USD76 per barrel in 2017

The U.S. Energy Information Administration anticipates increased growth in fuel consumption

United States:   The U.S. Energy Information Administration (EIA) outlook report predicts that the price of Brent crude should rebound in 2017 to about USD76 a barrel. In this report, the US agency also anticipates increased growth in fuel consumption will be largely through growth in emerging economies in Asia, the Middle East and Africa. The EIA forecasts that production of crude oil to grow by 30.5 million barrels per day and GDP growth should average 3.3 percent by 2040. As on 11 May 2016, Brent crude oil futures trading closed at USD44.73 a barrel.

TechSci Research depicts that the stronger economic growth in emerging nations will boost the crude oil production in longer term. The Upstream companies will invest in drilling new oil field and enhanced oil recovery from mature oil fields. Over the last few years, global enhanced oil recovery market has been growing on account of increasing global energy demand. Increasing number of mature oil wells and high productivity levels achievable by using EOR techniques.

According to TechSci Research report “Global Enhanced Oil Recovery Market Forecast & Opportunities, 2020”, the global enhanced oil recovery market is projected to witness growth of around 8% through 2020. With a share of over 30% in 2014, North America is forecast to continue its dominance in the global enhanced oil recovery market during 2015 - 2020. Over the next five years, onshore crude oil reserves are expected to witness higher crude oil production through enhanced oil recovery methods compared to off-shore oil reserves.