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US Energy Information Agency (EIA) forecasts increase of oil production in the country by 0.4 million barrels per day until 2018. According to analyzes the oil production in the US will grow due to increased activity in the Gulf of Mexico. Thus, the country will gain 9.3 million barrels per day in 2018 against 8.9 million barrels in 2016.

The agency expects further growth in oil prices, while recognizing the uncertainty of long-term forecasts. According to the forecast, in 2017 the European Brent oil will reach an average price of around 53 USD per barrel, while in 2018 will grow to 56 USD per barrel. The WTI light crude oil will be traded around 1 USD cheaper against the European benchmark.

In December Brent oil reached an average price of 53 USD per barrel. Compared to November crude appreciated by 9 USD, accounts EIA. For the first time since July 2015, the European Brent oil reached an average price of over 50 USD per barrel.

The gas prices also increased, as a result of higher temperatures during the summer of 2016, which tightened yields in the second half of the year. EIA expectations are that this year the average price of gas in the hub “Henry” will reach 3.55 USD per million BTU. In 2016 the average price of gas from the hub is 2.51 USD per million BTU. In 2018 the trade will be carried out at an average of 3.73 USD per million BTU.

In 2016 the natural gas is responsible for 34% of electricity production in the United States, while another 30% is produced by coal. For the first time coal is overtaken by another fuel for electricity generation in the country.

According to forecasts of the agency, however, the share of coal will grow again – to 32% in 2018. Then gas will be involved in producing 33% of electricity in the United States.

