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. In an interview on Tuesday, President Barack Obama said he was confident his administration would be able to contain Iran's nuclear ambitions without resorting to military force.
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.