U.S. to sell off nearly half its oil production by 2035
The United States is planning to sell nearly half of its oil supply in 2035, with some of the production coming from existing fields, The Lad reported Wednesday.
The oil industry in Texas, which produces the most oil, expects a total of just over 6 billion barrels of oil by 2036.
The U.N. body has already predicted that oil prices will fall by half by 2040.
The price of oil is up more than 90 percent from its peak in mid-2016.
U.K. oil production has been steadily rising over the past decade.
The Organization of the Petroleum Exporting Countries has forecast that oil demand will grow by about 5 percent in 2020.
The United Kingdom is a member of OPEC, the world’s biggest producer of oil and gas.
Oil producers in Europe, Russia, Brazil and China have all been pushing for lower prices to reduce the strain on their economies.
The Organisation of the Energy Ministers also said in November that it expects world oil demand to grow by 3.2 million barrels a day in 2020, down from the previous estimate of 4.5 million barrels.
OPEC is scheduled to meet later this year to discuss a new round of production cuts.