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IEA: US can overtake Russia in oil production this year

IEA: US can overtake Russia in oil production this year

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.