Saxo Bank: US may produce more oil than Russia in 2019
MOSCOW, Oct 11 (PRIME) -- The U.S. may outstrip Russia in terms of oil production in 2019, but both states’ output may even by 2040, directors of the oil market strategy department of Saxo Bank Ole Hansen told PRIME on Thursday.
“The states are keeping pace with each other. The U.S. oil output will continue to grow, but at a lower rate (than now). The reason is the need for advanced technologies… As soon as logistics, infrastructure improve, production may grow more rapidly. The U.S. may outstrip Russia in oil production terms,” he said.
According to OPEC’s September World Oil Outlook (WOO) 2040 report, the U.S. will surpass Russia in oil production already in 2018 with 10.5 million barrels per day and 10.3 million barrels per day.