The United States will outrun Russia in terms of oil production no later than in 2019.
Report informs, the head of International Energy Agency IEA Fatih Birol told Reuters: “It will happen in 2019, maybe even this year”.
IEA Director noted that shale oil production in the United States is growing at high pace: “Very soon, the US will become a major oil producer”.
Notably, oil production in the United States will hit 10.27 mln bbl/day during February 10-16 week. Thus, US overtook Saudi Arabia and approached to Russia. In the IEA’s February report, US annual oil production is estimated to increase by 1.26 mln bbl/day or 13,5% and reach 10.59 mln bbl/day.
Birol noted that oil production in the U.S. will not reach its peak by 2020. In the next 4-5 years there will be no decrease in US oil production.
The head of IEA predicts production in Canada and Brazil would increase. These two countries will also be a powerful driving force in the oil market.