Data released Friday by U.S. Energy Information Administration (EIA) for October showed that U.S. oil production could reach 10 million barrels a day by end of 2017.

The U.S. oil production in October was over 298 million barrels, or 25 million barrels more than that in January. And its production capability was over 9.6 million barrels a day, or 9.2 percent higher than January.

"U.S. crude oil production in October rose to the highest in more than 46 years and the production is expected to continue rising in 2018 to past historical level recorded in 1971 which will have significant effects on global energy balance,"  Linhua Guan, chairman of the Houston-based Star Energy International Corporation, told Xinhua on Friday.

"The advent of technological improvements in horizontal drilling and hydraulic fracturing together with other technology advancements have led to the shale energy revolution in the USA which will shift the tectonic plates of global powers and geopolitics," Guan said.

U.S. oil prices settled above 60 U.S. dollars a barrel on Friday for the first time since late June 2015, finishing the year 41 percent higher than its lowest point earlier this year.

The price rose 58 cents to 60.42 dollars a barrel in New York on Friday, propelled by Energy Department data showing U.S. crude inventories fell 4.6 million barrels last week.

Source:
courtesy of XINHUA NEWS AGENCY

by Xinhua News

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]