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EIA reveals long-term forecasts for US oil production

Oil&Gas Materials 18 May 2016 17:59 (UTC +04:00)
Oil production in the US will grow to 11.3 million barrels by 2040, according to the forecasts of the US Energy Information Administration.
EIA reveals long-term forecasts for US oil production

Baku, Azerbaijan, May 18

By Aygun Badalova - Trend:

Oil production in the US will grow to 11.3 million barrels by 2040, according to the forecasts of the US Energy Information Administration (EIA), published in its Annual Energy Outlook.

The growth will reflect higher recovery rates driven by technology advances and higher prices.

Lower prices will keep the US crude oil production below 9.5 million barrels per day through 2025, according to the report.

EIA forecasts US oil production to average 8.6 million barrels per day in 2016 and 8.2 million barrels per day in 2017.

The country's production averaged 9.4 million barrels per day in 2015, according to the EIA's estimates.

EIA estimates that crude oil production for the month of April 2016 averaged 9 million barrels per day, which is 0.1 million barrels per day below the March 2016 level, and 0.7 million barrels per day below the 9.7 million barrels per day level reached in April 2015.

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