U.S. oil production remains at record high, according to Reuters analysts
Reuters analysts expect U.S. oil production to remain high, but forecast a continued slowdown in 2020 due to lower oil prices. The U.S. Energy Information Administration EIA noted record levels of oil production in the country from April to June this year. In June, the average was 12.1 million barrels per day. However, since the last three months of 2018, oil prices have been falling, which is reflected in the slowdown in shale oil production. Between April and July, production jumped by about 1.6 million barrels per day compared to the same period last year. But compared to an increase of 2 million barrels per day in August-October 2018, production growth for the year slowed. Reuters experts note that the record volume of oil produced in the six months of this year is a reaction to high prices in the middle of last year, noting their impact on production with a delay of 12 months. The excess of global oil reserves during this period was due to the high level of production in the United States, although consumption in the world grew at the weakest pace since 2014. The EIA predicts a further slowdown in U.S. oil production growth. According to his forecasts, by the end of this year the volume of production per day will increase by 880,000 barrels, and by 2020 the daily growth will be 580,000 barrels.