EIA forecast oil output in US to fall by less than previously expected

USA:  The U.S. Energy Information Administration forecast U.S. oil production for 2016 & 2017 will fall by 650,000 bpd in 2016 and by 260,000 bpd in 2017 revising its earlier forecast a decline of 700,000 bpd and 420,000 bpd in 2016 and 2017 respectively. The revised forecast came after global benchmark Brent price rose as much as 23 percent since august hovering just around USD48 a barrel right now. According to EIA administration the decline is not as steep due to increased efficiency of drilling rigs and improved technologies in drilling.

TechSci Research depicts that current nationwide rig count is recovering marginally in the USA. Continuing growth in oil & gas drilling and exploration activities in the US will result in an increase in number of rigs across the country, especially in the country’s southern region, thereby boosting the demand for oil & gas accumulators. In oil & gas industry, accumulators are used for multiple applications such as energy storage, pulsation dampening, absorbing shocks, maintaining pressure and distributing fluids under pressure.

According to TechSci Research report, “United States Oil & Gas Accumulator Market Forecast & Opportunities, 2020”, the oil & gas accumulators market in the United States is projected to grow at a CAGR of over 6% during 2015-20. The BOP application segment accounts for the largest market share of the US oil & gas accumulator market. Bladder type accumulator is the most commonly used accumulator in United States. However, with increasing deep water drilling activities, the demand for piston type accumulators is also anticipated to increase in the coming years, on account of its high pressure handling capabilities.