USA in 2018 will dramatically increase oil production and will overtake on this indicator Russia, according to the forecast of the International energy Agency (IEA). According to the organization, the United States will produce over 10 million barrels per day.
In General, the growth of oil production in the United States, Canada and Brazil in 2018 will provide a total rise of production in countries outside OPEC, by 1.7 million barrels a day. This will be enough to cover the growth in world demand, which will amount to 1.3 million barrels a day, said the IEA.
At the same time, the effect of this growth on prices will not be particularly significant because of the production decline in Venezuela. The overall rate of production for OPEC countries will amount to 32.3 million barrels a day, which is less than the established quota.
By the end of 2017 hydrocarbon production in Russia amounted to 10.9 million barrels per day. RF stabilized production for the sake of fulfilling a quota set at the OPEC meeting and countries that have acceded to the agreement on limiting oil production.
In late November, countries oil exporters, including Russia, have agreed to extend their agreement to limit production to the end of 2018. USA is the largest global manufacturers who have not joined the agreement.