USA could soon be world's largest oil producer

USA could soon be world's largest oil producer

USA could soon be world's largest oil producer

"As for efforts to coordinate joint actions on the oil market, the past year showed that this is a successful experiment", he told reporters, according to Russia's RIA Novosti news agency.

Earlier this week, large investment banks increased their oil price forecasts as they believe global economic growth and declined OPEC production will affect the reserves. The February contract expires at Monday's settlement.

Brent crude futures LCOc1 were trading 69 cents lower at $68.53 a barrel at 11:22 a.m. EST (1622 GMT).

According to the analyst, the recent rally in oil prices would trigger a "wave of new production" from the USA in the upcoming months.

Baker Hughes (BHGE) on Friday reported that the number of active oil-drilling rigs ( fell by 5 to 747 this week, though that followed a rise of 10 rigs a week earlier.

OPEC will need to consider its response any United States production increase at its next meeting, in June 2018.

But as futures prices were hitting three year and more highs midweek, the International Energy Agency (IEA) joined the US Energy Information Administration (IEA) and OPEC in reminding traders and others that the spectre of rising American production will be around for years.

Saudi Arabia will be overtaken by the U.S. as the world's leading energy producer in the next twelve months according to the latest monthly report from the International Energy Agency (IEA).

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As urge in USA production to record levels this year could slow the realignment of global oil supply and demand after inventory levels fell at the fastest rate since 2002 last year, the bank said.

Kuwait's oil minister Bakheet al-Rashidi said any discussion among producers on the future of the agreement on supply cuts would not occur on Sunday, but was expected to happen at a meeting in June. Now there are no fundamental factors driving prices above 70 Dollars per barrel. "Explosive growth in the USA and substantial gains in Canada and Brazil will far outweigh potentially steep declines in Venezuela and Mexico".

In its monthly oil report yesterday, Opec forecast increased oil supply from countries outside the cartel while global demand is set to slow. OPEC said its December oil production rose by 42,000 barrels a day to 32.42 million.

Total non-OPEC supply is now seen rising by 1.2 million bpd, up 160,000 bpd from its previous estimate. In fact, the US Energy Information Administration (EIA) expects the US output to grow at nearly 11% in 2018, and estimates the country to surpass Saudi Arabia and Russian Federation in oil production by 2019.

"The oil market is volatile".

This is fuelling concern over Nigeria's plans to fund its 2018 budget of N8.6trillion, partly through projected oil revenue of N2.442 trillion at benchmark price of $45 per barrel and daily oil production level of 2.3 million barrels per day.

The U.S. energy surge is not limited to just oil.

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