US oil production is expected to decline

According to the US Energy Information Administration (EIA), US oil production will average 8.8 million barrels per day in 2016 and 8.5 million barrels per day in 2017. Oil production in 2015 in the country averaged 9.4 million barrels per day, according to EIA estimates

According to this forecast, the level of oil production in the United States in 2017 will be 0.2 million barrels per day higher than according to the previously presented report in August. The production revision largely reflects assumptions about higher drilling activity and rig efficiency, the EIA said in a statement.