Baku, Azerbaijan, Sept.16
By Aygun Badalova - Trend:
US oil production will fall from 9.4 million barrels per day (bpd) in 2015 to 8.6 million bpd in 2017, according to the forecasts of the US Energy Information Administration (EIA).
“After 2017, the total production grows to 11.3 million bpd in 2040 as real crude oil prices recover from an annual average of less than $50 a barrel in 2017 to more than $130 a barrel in 2040,” EIA said in its Annual Energy Outlook.
“The Lower 48 states lead the increase in crude oil production, which results largely from higher oil prices, continued advances in industry practices, and further development of technologies that reduce costs and allow for increased recovery of tight oil resources,” the report said.
EIA expects US oil production to average 8.8 million barrels per day in 2016.
The country’s crude oil production averaged 9.4 million barrels per day in 2015, according to the EIA’s estimates.
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