US crude supplies to exceed highest crude market output – IEA

US crude supplies to exceed highest crude market output – IEA
US crude supplies to exceed highest crude market output – IEA

Mubasher: The surge in oil and gas supplies from the US will be the largest growth seen in crude oil markets, International Energy Agency’s (IEA) annual report on Tuesday revealed.

By 2025 the US oil production will equal Saudi production at its peak, and the US natural gas production will exceed what was produced by the Soviet Union, IEA added.

“The US will become the undisputed global oil and gas leader for decades to come,” Financial Times reported, citing IEA’s executive director, Fatih Birol as saying.

IEA concluded that this large growth will make the US the largest exporter of fossil fuel instead being one of the largest oil importers.

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Source: Mubasher

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