IEA predicts a significant increase in US oil production

According to a published report by the International Energy Agency (IEA), US oil production will increase dramatically in 2018 and 2019.

IEA experts expect that this year, oil production growth will be 2.1 million barrels per day, the previous forecast assumed an increase of 1.85 million barrels.

At the same time next year, growth will slow to 1.3 million barrels per day, which also significantly exceeds the October forecast.

IEA analysts believe that a significant increase in oil prices on the world market caused a sharp increase in production, whereas previously it was expected that the decline in productivity and problems in infrastructure would slow down the growth of oil production in the country.

In August, oil production in non-OPEC countries increased by 3.5 million barrels per day compared to the same period in 2017. More than 85% came from the United States.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: IEA predicts a significant increase in US oil production