Markets Will Change While US Rises To Lead World Petroleum Production: IEA

March 5, 2018


The executive director of the International Energy Agency said Monday at the Houston energy conference CERAWeek the US will pass Russia to become the largest oil producer in the world by 2023.

Fatih Birol said oil markets will be changed in the coming years, with the US providing most of the global growth in oil, gas and related product supplies.

Crude production in the US is expected to rise to more than 12 million barrels a day by 2023, a record, up from two million per day in 2018.

At that expected rate, the nation will surpass Russia, which is now the world’s largest crude producer at about 11 million barrels per day.

“Non-OPEC supply growth is very, very strong, which could change the parameters for the oil markets in the years to come, led by the United States, but also Brazil, Canada and Norway,” IEA Executive Director Birol said Monday.