According to the latest EIA forecast for US crude oil, production is expected to fall to 8.3 million barrels per day by September, which would constitute a 900,000 barrel per day decrease as compared with the current level. Non-OPEC supply is set to drop by 640,000 barrels per day this year, mainly on the back of lower US oil production. The EIA also anticipates a further decline by 100,000 barrels per day in 2017 and global oil demand is expected to rise by 1.4 million barrels per day in both 2016 and 2017. 

Recently Brent posted a new twelve-year low of a good $30 per barrel, while WTI dipped below the $30 per barrel mark for the first time since the end of 2003. It is just because of better than expected China trade figures, oil prices are recovering somewhat from the lows they hit on January 12. In 2015 as a whole, Chinese oil imports surged by 9% to 6.7 million barrels per day, which likewise represents a record level.