US Department of energy forecasts record oil production in the country in 2018

MOSCOW, June 15. /TASS/. Oil production in the United States in 2018 could reach 10 million barrels per day, from the updated forecast of the energy information Administration (EIA) US Department of energy.

This level can be a record since 1970, reaching its previous high of 9.6 million barrels per day, according to the report of the Department.

At the beginning of the year, the US Department of energy forecasted production for the year 2018 in the amount of 9.3 million barrels per day.

In 2017 according to the updated forecast of the Ministry’s daily oil production will reach 9.3 million barrels.

Growth of production contribute to the comfortable oil prices, which in turn is supported by the decline in global oil reserves in the II and III quarters of 2017.

According to the forecast of the Ministry, production in 2018 will increase not only the US but also OPEC and other market players. Thus, the EIA expects that in the II quarter of next year, world oil reserves will start to grow again thanks to the contribution of Brazil in the amount of 570 thousand barrels, and OPEC – in the amount of 220 thousand barrels.