According to the study of the US Department of Energy, if a ban on foreign oil supplies is lifted, the list of the world’s biggest oil exporters may be enlarged.
By 2025, the US would be able to send up to 2.4 million barrels a day overseas. This would lead the country to the fourth place among the largest oil exporters behind Saudi Arabia, Russia and United Arab Emirates.
However, the study does not account for competitiveness on the global market and possible changes in production rates after the restrictions are eliminated. For the recent 4 years, the country’s oil output grew 71%. The US would probably export as much as 1.5 million barrels a day if the law changed, EIA Administrator Adam Sieminski said.
Amid a rise in oil prices, the US shale oil companies adapt their production. For example, after several months of reduction in spending and the number of drilling rigs, shale oil firms discuss the price that will enable them to boost output. However, several companies increase their production faster than expected as the improvement of production and rigs efficiency turned out to be better than the forecasts.
