IEA: US will become world leader in oil production

Baku. 13 February. REPORT.AZ/ Due to the increase in shale oil production, United States will leave S. Arabia and Russia behind and become a leader country in terms of oil production by late 2018. 

Report informs citing the TASS, Energy Information Administration (IEA) said in its February report.

According to report, OPEC+ agreement leads to decline in global oil reserves. Oil reserves in OECD countries' dropped 5 times from 264 mln bbl to 52 mln bbl. "It seems that the agreement has a positive effect. But that is not the case. Oil production in the US increased by 846,000 bbl/day in November surpassing S. Arabia. By the year end, the US can become the leading oil producer leaving Russia behind”.

The agency has increased its oil demand forecast by 2018 by 100,000 bbl/day amounting to $ 99.2 mln bbl/day.

According to forecasts, compared to 2017 the demand will show increase by 1.4 mln bbl / day. However, with the exception of OPEC, oil production is estimated to increase by 1.8 mln bbl /day and reach 59.9 mln bbl/day.