IEA upgrades US oil output growth estimates

IEA raises US crude oil production by 2.7 million barrels per day (bpd) by 2023

  • US crude oil production to hit 12.1 million bpd by 2023
  • Total US liquids production will reach nearly 17 million bpd in 2023, up from 13.2 million bpd in 2017
  • Production growth from US, Canada, Brazil, and Norway can keep the world well-supplied
  • Over next three years, gains from US alone will cover 80% of world’s oil demand growth
  • China remains main engine of growth for global oil demand
  • Sees global oil demand increasing to 104.7 million bpd by 2023, up by 6.9 million bpd
  • Shale oil production will account for over half of the world’s output growth of 6.4 million bpd

IEA making some comments and forecasts in its five-year outlook report for this year.
Pretty much the same message as their monthly outlook report, which also says that the US is to be the biggest force in the oil market over the next few years.
Oil prices are faring well so far today as news from Libya over the weekend is helping to keep oil underpinned.
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