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IEA says U.S. will surpass Russia in oil production by 2019 or earlier

The US will leave Russia behind and become the globe’s number one crude producer by 2019 or even earlier, the International Energy Agency said today, due to rapid rise of shale oil, which overturns global markets.

U.S. oil production C-OUT-T-EIA broke through 10 mln barrels a day at the end of 2017, surpassing the largest exporter Saudi Arabia PRODN-SA.

U.S. output would go beyond 11 mln barrels a day by the end of this year, said the US Energy Information Administration back in the month.

This would place the country over the current biggest producer Russia, with the daily volume slightly short of that figure C-RU-OUT.

Fatih Birol of IEA said he did not expect US crude output to peak earlier than 2020, neither he expected a decrease in the coming 4-5 years.

The surge of U.S. production is overturning world oil markets, which takes place when globe’s chief producers like OPEC member-states and Russia are restricting output so as to galvanize price growth.

U.S. also grows its exports of crude, among other places it sends its oil to the world’s greatest and rapidly expanding Asian markets, encroaching on OPEC’s and Russia’s market share.

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