IEA: Raises US oil output growth estimates through 2023

Haresh Menghani FXStreet

On Monday, the International Energy Agency (IEA) sharply upgraded the US oil output growth estimates by over 2 mbpd through 2023.

Key points:

• 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

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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