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.
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.
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.