American producers of oil all say that they are ok with prices for their product lower than 50 dollars for a barrel and even lower than 45 dollars. And we believe them, but the market is going to test this claims.
The oil companies in the USA extended the drills by almost 450 more rigs since the last year’s May. This number doubled the total count of rigs which are active right now.
Oil producers still add new rigs into work, despite the fact that prices for one barrel of oil dropped down and lost more than 10 dollars since the last February and 4 bucks lower than a year ago prices, before the OPEC’s price-saving decision to cut the output of oil.
According to the official calculations, an output of oil in the USA is going to grow to the new highs in the few next years.
American administration of energy says that production of oil from the USA will jump to the 340 000 barrels a day at the end of the year and to the 500 000 barrels a day in the next year.
It means that American producers and other countries not included in OPEC will catch all possible increase in demand for oil in the next year, and they are going to grow their own part at the global market thanks to the OPEC cut.
And while OPEC is trying to reduce the output and lift higher the prices per barrel, American suppliers are doubling the number of production.