US oil output surge to steal Opec share

london — US shale oil output is set to surge over the next five years stealing market share from Opec producers and moving the country, once the world’s top oil importer, closer to self sufficiency, the International Energy Agency said on Monday.

A landmark deal in 2017 between Opec and other oil producers

The us is set to put its stamp on global oil markets for the next five years Fatih Birol, Executive director, IEA

including Russia to curb output to reduce global oversupply materially improved the outlook for other producers as oil prices rose sharply throughout the year, the IEA said.

As a result, US oil output has resumed sharp growth over the past year and is expected to rise by 2.7 million barrels per day (bpd) to 12.1 million bpd by 2023, as growth from shale fields more than offsets declines in conventional supply. Natural gas liquids will add another 1 million bpd to reach 4.7 million bpd by 2023. With total US liquids production set to reach nearly 17 million bpd in 2023, up from 13.2 million in 2017, the US will be by far the world’s top oil liquids producer. “The United States is set to put its stamp on global oil markets for the next five years,” Fatih Birol, the IEA’s executive director, said in a medium-term market outlook.

Oil production growth from the US, Brazil, Canada and Norway will more than meet global oil demand growth through 2020, the IEA said, adding that more investment would be needed to boost output after that.