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    Oil pumps are seen in Lake Maracaibo, in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela, March 20, 2015

    US Energy Outlook Predicts Global Oil Production to Double by 2040

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    Worldwide oil output is expected to increase from the average 4.98 million barrels daily in 2015 to 10.36 million barrels in 2040, according to International Energy Outlook 2016 released by the US Energy Information Administration's (EIA) on Friday.

    WASHINGTON (Sputnik) — The outlook also predicts an average price per barrel for Brent crude oil will range between a low of $73 per barrel and a high of $230 per barrel, with an expected price of $136 a barrel in 2040.

    "Most of the projected increase will come from the United States, with much of the rest coming from countries such as Russia, Canada, and Argentina that have significant tight oil resources and existing, developed oil industries," a press release, accompanying the publication, explained.

    The high-price scenario envisions increased drilling due to higher demand while the low-price scenario anticipates production cutbacks, the release noted.

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    Oil, forecast, price, United States
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