Thanks to the growth in the production of shale oil, the United States achieved a historic success in February — bypassed the volume of production Saudi Arabia. States began to produce more than 10 million barrels per day.
As you know, the Saudis are involved in a deal to limit production, which prevents them from extracting more. But the US does not intend to stop at this. The report of IEA Oil , published the day before, states that the States will take the first place in the world for production by Moreover, the IEA predicts that of the 6. At the same time, it is expected that the volume of crude oil production in Saudi Arabia will also grow significantly and will reach The IEA report has no fiction, it must be acknowledged.
Thanks to technological solutions, increasing efficiency and restoring oil prices, US shale companies are actively increasing production. All this has greatly changed the position of the United States in the world. The country once heavily depended on imports from the Middle East, but is now approaching its goal of producing enough crude oil to meet domestic demand for petroleum products.
At the same time, the US influence on the world oil market will also grow, as oil exports to the US will more than double — to 4. Until , the United States did not export crude oil, but five years later, the country is expected to become one of the largest exporters in the world. It is worth saying that all these forecasts may be correct, but they do not take into account possible changes in the oil market and the global economy as a whole.
So, for example, many experts predict the US rolling into a recession for 2 years. In addition, it is not entirely clear how the global economy will feel, especially since all major Central Banks are going to turn down incentives. In this regard, we can quite see the decline in consumption, which will lead to a change and price conjuncture in the market. In general, there are too many unknowns.
