Oil production in the U.S. may increase 0.5 million barrels per day

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Daniel Howard Yergin, President of consulting company Cambridge Energy Research Associates told CNBC on increasing crude oil production in the US in 2017.

Production will increase by 0.3–0.5 million barrels per day in raw material costs of $50-55 per barrel. The expert explains this by the increased efficiency of the producers and stabilization of oil prices.

Yergin believes that every dollar invested in oil production in 2017, brings in 2.5 times more raw materials than investments in 2014, so even the current prices will support significant growth in production.

Daniel Yergin, Vice Chairman of research company Markit HIS, the author of the book "Mining: world history fight for oil, money and power" won the Pulitzer prize.