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