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Heading into CERAWeek the IEA has thrown more fuel on the US Shale fire raising US crude oil production by 2.7 million barrels per day (bpd) by 2023 in their 5 year forecast.

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2018 forecasts from the IEA

  • Total US liquids production will reach nearly 17 million bpd in 2023, up from 13.2 million bpd in 2017
  • Over next three years, gains from US alone will cover 80% of world's oil demand growth
  • Production growth from US, Canada, Brazil, and Norway forecast to maintain the world well-supplied
  • China remains main engine of growth for global oil demand
  • Expects 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

Source: IEA

From The TradersCommunity News Desk.

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