US oil production to overtake Saudi Arabia next year

Baku. 13 December. REPORT.AZ/ As a result of the increase in the US oil production due to the rise in oil prices, production in the country is expected to overtake Saudi Arabia in May 2018.

Report informs, Energy Information Administration (EIA) of the US Department of Energy said.

According to forecasts, oil production in the United States will reach 9.99 million bbl/day in May 2018.

In Saudi Arabia, production within the OPEC+ agreement will remain at about 9.97 million bbl/day same level as in November.

Notably, last week, oil production in the United States reached a record high of 9.707 million bbl/day.

Analytical Group of Report News Agency believes, in case of prices above $ 50/barrel, the US will continue to increase oil production.