Bakken continues trend of “marginal decline”. Hard to see how oil prices can rise

Output from the Eagle Ford has been falling since March 2015.
Based on the EIA’s forecast for March, production at Bakken next month will have fallen 13% from its peak in December 2014, down to 1.1 mn bpd. Eagle Ford is predicted to have fallen a much steeper 28.5% from its high last March to 1.22 million barrels per day.
Even if OPEC kept oil production flat, worldwide crude inventories could climb by 2 million barrels a day in the first quarter and keep increasing by 300,000 barrels a day in the second half of this year, the IEA predicted in its monthly oil-market report.
“With the market already awash in oil, it is very hard to see how oil prices can rise significantly in the short term,” the IEA said. The IEA advises oil-importing nations.

“Economic headwinds suggest that any change will likely be downwards,”

– IEA
Having peaked, at a five-year high of 1.6 million barrels per day (mb/d) in 2015, global oil demand growth is forecast to ease back considerably in 2016, to 1.2 mb/d, pulled down by notable slowdowns in Europe, China and the United States, accrding to the newly released IEA Oil Market Report (OMR) for February.
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