U.S. soon to be the leading oil producer by 2019
IEA Executive Director Fatih Birol said at an event in Tokyo the United States would overtake Russia as the biggest crude oil producer “definitely next year”, if not this year
On Tuesday, the International Energy Agency (IEA) predicted that the United States will overtake Russia as the world’s biggest oil producer by next year, if not before. The reasons behind this prediction have to be found in the growing recent production. Shale Oil growth in the United States is very strong, the pace is very strong. “The United States will become the first oil producer very soon” said the IEA executive director, Fatih Birol, speaking at an event in Tokyo.
Last year, US production exceeded 10 million barrels per day for the first time since 1970 and is expected to exceed 11 million barrels per day by the end of 2018. The increase in production in the United States directly contrasts with the OPEC production cuts that aim to keep prices higher. Birol said he did not see U.S. oil production peaking before 2020, and that he did not expect a decline in the next four to five years.
Imports of crude oil in the United States fell last week by 1.6 million barrels a day, at the lowest level since 2001, when the EIA began to record this data, while exports continue to rise, moving away from the OPEC and Russia’s market share. The latest data released on Thursday by the EIA have shown that American production stands at 10.27 million barrels a day, a little more than the current production of Saudi Arabia and just below the production of Russia.
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