America 's economy
will exceed two oil producing countries[/size] Twilight News
3 hours ago
An increase in oil supply in the United States is likely to undermine the efforts of countries involved in the OPEC deal, an International Energy Agency (IEA) report said on Tuesday.
Russia's Kommersant newspaper published an article highlighting the report of the International Energy Agency (IEA), whose analysts said the United States, due to increased oil production by the end of the year, would surpass the world's top producers, Russia and Saudi Arabia.
The agency, based in Paris, said the pace of increased production in the United States could outpace demand growth and global oil stocks would rise, after much closer to the five-year average.
In its monthly report, the agency raised its forecast for oil demand growth in 2018 to 1.4 million bpd, from an earlier estimate of 1.3 million bpd, after the International Monetary Fund increased its estimate of global economic growth in the current and next years.
Oil production in the United States increased by 846,000 barrels per day during the past three months. If production continues to grow, the United States will soon overtake Saudi Arabia and by the end of this year Russia will become the world's largest crude oil producer.
Official data show that crude oil production in Russia last November was 10.1 million barrels of oil per day, while Saudi Arabia's production reached 9.9 million barrels per day, while the United States produced 10.04 million barrels per day, but the average US production for 2017 As a whole was at 9.3 million barrels per day.
According to estimates from the US Energy Information Administration, US crude production could reach 11 million barrels per day by the end of this year.