The resurgence of its oil production will lead to the US dominating the oil industry for 2020, according to the latest annual outlook of the International Energy Agency (IEA). The US is expected to pump around 17 million barrels a day of crude oil, condensates and natural gas liquids over that period, compared with OPEC's predicted 750,000 barrels a day. The agency forecasts that global oil demand will continue to rise until at least 2023, but raised concerns that supply could decline after the next five years without sufficient investment.
The resurgence of its oil production will lead to the US dominating the oil industry for the next five years, according to the latest annual outlook of the International Energy Agency (IEA). The US is expected to pump around 17 million barrels a day of crude oil, condensates and natural gas liquids over that period, compared with OPEC's predicted 750,000 barrels a day. The agency forecasts that global oil demand will continue to rise until at least 2023, but raised concerns that supply could decline after 2020 without sufficient investment.