The US plans to reach 2nd place in the world in terms of oil production

Based on the U.S. Energy Information Administration database the US is currently the third biggest oil producer in the world, having a Crude Oil output of 8,875,817 barrels per day. Currently, the world’s top oil producer is Russia with a total of 10,551,497 barrels per day being closely followed by the second largest oil producer Saudi Arabia, which is also an OPEC member, with a total of 10,460,710 barrels per day.

"Increased drilling activity in US tight oil basins, especially those located in Texas, is the main contributor to oil production growth, as the total number of active rigs drilling for oil in the United States has more than doubled over the past 12 months," Howard Gruenspecht, the EIA's acting administrator – citing Reuters

The US Oil production is forecasted to rise to 10 million barrels per day by 2018, similar levels to Russia and Saudi Arabia. If the US continues to maintain its pace of increase in the crude oil output it can reach the 2nd place in the world in terms of oil production. This should be the first time in the last 50 years when oil output reached 10 million barrels per day.

The number of U.S. drills has increased by 11 rigs in a record stretch of 20 straight weeks of increases. The number of U.S. rigs has more than doubled during the last 13 months, reaching 733 rigs in June from 316 rigs as it was in May 2016.

Wall Street analysts are concerned by US efforts to increase oil production as it counterbalances the efforts of OPEC countries and non-OPEC countries to reduce the oil glut.

Crude oil prices ended down more than 4% last week as it found support at the big psychological number $45.00. But there are rumors around the markets that suggest the OPEC cut deal can be revisited by deepening the oil production cuts, which can, in turn, be supportive for the crude oil prices.

The US dollar speculative bullish bets rose to $8 billion from $7.53 billion, according to the latest CFTC reports which helped keep the downside pressure on the crude oil prices. On other markets, Gold price broke to a two-week low after reaching $1259 per ounce.
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