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VIENNA, Austria (Bloomberg) -- OPEC cut the forecast for how much crude it will need to provide in 2015 to the lowest in 12 years amid surging U.S. shale supplies and reduced estimates for global consumption. The Organization of Petroleum Exporting Countries lowered its projection for 2015 by about 300,000 bopd, to 28.9 MMbopd. That’s approximately 1.15 MMbopd less than the group’s 12 members pumped last month, and the 30-MMbopd target they reaffirmed at a meeting in Vienna on Nov. 27. The impact of this year’s 40% price collapse on supply and demand remains unclear, OPEC said.
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