US oil production is growing faster than the rest of the world: Liberty Oilfield Service Chairman

U.S. oil production will continue to grow and developing countries will have the biggest demand for it, Liberty Oilfield Services Chairman Chris Wright on Wednesday said.

“It is always a balance between supply and demand. Production is growing very fast right now, but production in the rest of the world is not. World demand for oil has been growing very fast, the fastest it’s ever grown last year and we should see a strong year of demand growth this year too,” he told FOX Business’ Liz Claman on “Countdown to the Closing Bell.”

According to the U.S. Energy Information Administration, U.S. oil production is expected to exceed over 11 million barrels per day toward the end of the year. Last November, oil production almost surpassed its all-time output record, climbing to 10 million barrels per day.

Wright explained why developing countries will have the highest demand for oil.

“The biggest growth area is the developing world countries that want to live like Americans live that are getting access to cars, electricity and transportation for the first time. But there is also growth here in the United States, as our economy grows our demand for energy grows,” he said.

The Liberty Oilfield Service Chairman boasted that his business continued to grow despite market volatility in 2015 and 2016.

“In the last downturn 2015-2016 we grew our business both years. So we built this business to do well when times are good and to grow when times are bad,” he said.

Liberty Oilfield Services (NYSE:LBRT) set a positive tone for 2018 last week, after making its debut on the New York Stock Exchange, at an initial IPO price of $17, but increased by approximately 28% by markets close. However, after the massive market selloff last Friday, the price has since dropped to $20.86.