US shale output is expected to reach 7.1 million bpd by 2040

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U.S. shale oil and gas output is expected to continue increasing in the upcoming years, but will demonstrate a slight decrease in the short-term, says Oilprice.com citing a report published on Monday by the Energy Information Administration (EIA).

The EIA experts estimate a drop of oil production as to 4.2 million bpd by the end of the next year after reaching its peak of 4.9 million bpd in 2015.

The decrease is “mainly attributed to low oil prices and the resulting cuts in investment” but went on to say that, “production declines will continue to be mitigated by reductions in cost and improvements in drilling techniques.”

The EIA believes that by 2040 shale oil production will reach 7.1 million bpd which is 45 percent higher as compared to 2015. Besides US natural gas production is expected to increase to 79 billion cubic feet a day by 2040 which is twice more than in the last year with the added bonus of no drop off in production in the short-term.