In the economy February 15, 2018Comments on the rise of oil production in the US rock limits OPEC's efforts to raise oil prices closed 18 visits
SNC - As OPEC countries seek to raise oil prices after falling to low levels in January 2016 to less than $ 30 a barrel by agreeing to reduce production by more than one million barrels per day, which succeeded to a certain extent Where these prices have once again risen to the current range of between 60 and 70 dollars, the unprecedented US production of oil shale limit the efforts of OPEC.
In November 2016, the Organization of Petroleum Exporting Countries (OPEC) and 11 other non-OPEC countries, including Russia, agreed to cut production by 1.8 million bpd between January 1 and June 30.
Despite the cost of producing high rock oil, which is estimated at $ 50 per barrel, this encouraged producers in the United States to increase their oil production with the price of oil above $ 60 so that America threatens both Saudi Arabia and Russia, which are leading the world oil production.
"Oil production in the United States increased by 846,000 barrels per day during the last three months, and if production continues to grow, the United States will soon overtake Saudi Arabia and by the end of this year Russia will be the largest crude oil producer in the world," the International Energy Agency said in a report. the world".
"An increase in global oil production, led by the United States, is likely to exceed demand growth this year," the report said.
The increase in oil production in the United States to limit the ambitions and efforts of the Organization of the Petroleum Exporting Countries to keep oil prices high and acceptable in light of increasing supply and low demand for world oil.