Further US Oil Production in 2022: Oil Expert Dan Yergin

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According to Daniel Yergin, Vice Chairman of IHS Markit, US oil production will increase back in 2022 more than a year after OPEC and its allies “run the show.”

He told CNBC that production could increase by 900,000 barrels per day. “Scooke Box Asia” on Wednesday.

U.S. oil company cut production in 2020 The coronavirus pandemic has destroyed supply and demand and has not yet recovered to pre-Covid levels. In 2019, the United States produced 12.29 million barrels of crude oil per day. According to the US Energy Information Administration.

That number is estimated to be 11.28 million in 2020, 11.18 million in 2021 and 11.85 million in 2022.

“The United States is back,” Yergin said. “Last year, for a year and a half, OPEC + was running the show, but US production has already returned and will be back in 2022.”

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He added that he was making two calls. U.S. Secretary of Energy asks companies to increase production..

“Of course, that’s because the Biden administration is very deeply concerned or wary of inflation and its political implications,” he said.

Yergin also predicted that oil prices would remain in the range of $ 65 to $ 85 per barrel, and that $ 100 oil was unlikely “unless there was a major geopolitical turmoil.”

International benchmark Brent crude oil futures In Asia, it was up 0.49% to $ 79.62 on Thursday morning. US Crude Oil Futures Earned 0.47% to trade for $ 76.92.

US-Russia relations

Yergin also January 10 Security talks between US and Russian officials.

Tensions on the Russian-Ukrainian border have been going on for weeks, And US and European allies are wary of increasing Russian troops.

President of the United States Joe Biden And the Russian President Vladimir Putin President Putin urged Ukraine to refuse to join the North Atlantic Treaty Organization — However, the United States did not accept the request.

NATO may not have the intention of accepting Ukraine into the alliance, but “strategic ambiguity” is needed, Yergin said.

“Ukraine is not going to be part of NATO, but … I can’t let Vladimir Putin direct it,” he added.

The question, he said, was how to reach an agreement to “save everyone’s face.”

Negotiations will be difficult, but “at least they are having a conversation,” Yergin said.

— CNBC’s Natasha Turak, Amanda Macias, and Holly Ellyatt contributed to this report.

Further US Oil Production in 2022: Oil Expert Dan Yergin

Source link Further US Oil Production in 2022: Oil Expert Dan Yergin

The post Further US Oil Production in 2022: Oil Expert Dan Yergin appeared first on Eminetra.

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