OREANDA-NEWS  North American oil production will peak in the 2030s due to depletion of hard-to-recover oil reserves in the United States. The dates predicted by Exxonmobil, with reference to the Global Outlook report, are quoted by RIA Novosti.

At the same time, it is expected that "technology-based efficiency and productivity improvements" will help support volumes. So, in 2024, these improvements allowed production to continue to grow, despite the reduction in the number of operating drilling rigs, and in general, production of hard-to-recover oil by 2050 is planned to be 50 percent higher than predicted in 2015, Exxon noted.

They clarified that technological breakthroughs that contribute to a steady increase in well productivity could allow the United States to increase production by 0.5 million barrels per day by 2050 and offset the decline, while the lack of continuous innovation would lead to a potential reduction in production of about 2.5 million barrels per day.

Earlier it became known that Russian President Vladimir Putin signed a decree changing the rules for the participation of foreigners in the Sakhalin-1 project, which, according to Reuters, could open the way for ExxonMobil to return to the project. The Wall Street Journal also wrote that the American company may return to the Russian market in the future.