Fidelity bank banner Camano banner
U.S. to overtake Russia as top oil producer by 2019 at latest — IEA

By Osamu Tsukimori on 27/02/2018

Views: 808

•IEA Executive Director Fatih Birol
•IEA Executive Director Fatih Birol

The United States will overtake Russia as the world’s biggest oil producer by 2019 at the latest, the International Energy Agency (IEA) said on Tuesday, as the country’s shale oil boom continues to upend global markets.

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.

“U.S. shale growth is very strong, the pace is very strong ... The United States will become the No.1 oil producer sometime very soon,” he told Reuters separately.

U.S. crude oil output C-OUT-T-EIA rose above 10 million barrels per day (bpd) late last year for the first time since the 1970s, overtaking top oil exporter Saudi Arabia PRODN-SA.

The U.S. Energy Information Administration said early this month that U.S. output would exceed 11 million bpd by late 2018. That would take it past top producer Russia, which pumps just below that mark C-RU-OUT.

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.

The soaring U.S. production is upending global oil markets, coming at a time when other major producers – including Russia and members of the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) – have been withholding output to prop up prices.

U.S. oil is also increasingly being exported, including to the world’s biggest and fastest growing markets in Asia, eating away at OPEC and Russian market share.

Meanwhile, U.S. net imports of crude oil fell last week by 1.6 million bpd to 4.98 million bpd, the lowest level since the EIA started recording the data in 2001, reflecting further erosion in a market OPEC has been relying on for decades.

Birol said production growth was not just strong in the United States.

“Canada, especially the oil sands, and Brazilian offshore projects. These are the two major (non-U.S.) drivers,” he said.

On the demand side, Birol said the IEA expected growth of around 1.4 million bpd in 2018. (Reuters)

Source News Express

Posted 27/02/2018 12:04:36 PM

 


 

CLASSIFIED ADS

 

You may also like...
Attention LASTMA, LASG: Impunity of a traffic warden,...

The Devil has infiltrated the church —Primate Nicholas...

New York attorney general sues Trump, children and...

FG to invest in modular refineries

Delta Govt. debunks reports of cholera outbreak

Anambra guber: Buhari to grace Tony Nwoye’s rally...

UNN, Fidelity Bank partner on Digital Lab project...

Kwara 2019: Only a race horse will do!,...

Cattle rustler kills boss, 8 lieutenants

Double heartbreak for Celine Dion as brother also...

FG releases N163b to universities but ASUU not...

Manufacturers demand review of government policies

 

Latest News Police most corrupt institution in Nigeria — Survey PDP Senate Caucus to APC: Leave Saraki out of your jostle for Senate Presidency Borno probes alleged sexual abuse, sodomy in Maiduguri prison Ndume disagrees with APC over Senate Presidency Nigeria toying with its destiny without electoral reform, says Falana Court grants PDM, PDP access to inspect election materials in Nasarawa Zamfara APC Governorship Primary: Yari heads to Supreme Court Gabriel Okara: Africa has lost a literary giant — Obi We’ve built critical infrastructure to attract investment to Bayelsa: Gov. Dickson •Urges caution on Africa Free Trade Agreement Supreme Court Judge emerges 17th Emir of Lafia Youth leader seeks immortalisation of late Bayelsa monarch Isain Igali Kenya to close world’s biggest refugee camp

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (462,508 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (411,202 views) Shameless Genevieve Nnaji exposes breasts in public (347,419 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (297,998 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (262,286 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (236,901 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (223,149 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (204,846 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (193,369 views) 10 cars more expensive than Jets (179,094 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (177,217 views) Lagos plane crash: Journalist releases victims’ names (176,201 views)

 

NLNG call for entries

CBN banner

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (81) Business & Economy (4,109) Business Verdict (62) Columnists (1,008) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (599) Features (730) Global Business Monitor (327) ICT Monitor (27) International (3,228) Interview (174) Live Commentary (28) Love Matters (153) Maggie's Blog (198) News (44,231) Opinion (1,208) Pidgin (17) Politics (10,376) Religion (963) Sports (1,930) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera