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US oil output to cover 80% of demand growth-IEA

US oil output to cover 80% of demand growth-IEA

Mubasher: The International Energy Administration (IEA) on Monday said it expected that oil production from the US, Brazil, Canada, and Norway would rise significantly during the few coming years, outperforming the Organization of Petroleum Exporting Countries (OPEC) and rebalancing oil market.

“Over the next three years, gains from the United States alone will cover 80% of the world’s demand growth,” while the other aforementioned countries would be able to satisfy the rest, IEA said, citing its latest annual analysis of oil markets.

The IEA, however, noted that more investments would be needed after 2020 to boost production and satisfy growing demand.

“The US is set to put its stamp on global oil markets for the next five years,” said IEA’s executive director Fatih Birol said.

Meanwhile, OPEC would likely face higher pressure as demand for its crude is expected to rise only slightly from current levels until 2021.

IEA has previously expected US to be the largest crude oil producer by 2019.