Oil production in US will hit record high in 2018

Baku. 8 November. REPORT.AZ/ It is forecasted that the next year oil production in US will surpass the historical record level registered in 1970.

Report informs, says the new report of OPEC on development of oil market by 2040.

According to report, oil production in 2018 will hit record level and surpass 9,6 mln. barrel per day. Currently it reached the peak level registered in April of 2015.

According to OPEC’s forecast, oil production in US in the near future will rise. By 2022 oil and condensate production in US will increase by 30% to 16,1 mln barrel per day. The hike of shale oil production will soar by 76% to about 7,4 mln. barrel per day.

It is expected, by 2027 oil production in the US will reach peak level and afterwards it will eventually go down. By 2040 oil production is expected to fall to 14,2 mln barrel per barrel.