U.S. OIL PRODUCTION WILL REACH A RECORD LEVEL IN 2016
Said U.S. Energy Information Administration said U.S.production of crude oil, will rise faster than expected to near its historical average by 2016. And raised the U.S. Energy Information Administration on Monday, December 16 / December, largely from its annual forecast for oil productionbecause of the dramatic increase in the development of oil shale.
The show management’s expectations that oil shale will contribute to increase theproduction of crude in the largest consumer in the world at about 800 thousand barrels per day each year until 2016, when up to 9.5 million barrels per day, compared with a record 9.6 million barrels per day set in 1970. The production will remain above 9 millionbarrels per day until 2025 at least.
A report by the Energy Information Administration said U.S. production in 2040 will reach 7.5 million barrels per day, compared with 6.1 million barrels per day in last year’s forecast. And oil production will reach its peak after 2016, and begins to decline gradually after 2020 and will increase gas production will rise steadily as 56% in the period between 2012 and 2040.
The report also said that while still crude oil exports severely restricted by law, willcontinue to export natural gas to rise it will become the country’s exports greater than imports in 2018, which two years earlier than previously expected, and will become the United States a net exporter of LNG by 2016 .
It is expected to give rise to the latest forecasts further concern among members of the Organization of Petroleum Exporting Countries “OPEC” and especially Saudi Arabia, and the “OPEC” has said in November, it may lose 8% of the market share, due to higherproduction of oil shale in the past next five years.