IEA: US crude output set to rocket - FT

The International Energy Agency (IEA) Executive Director Faith Birol told the Financial Times (FT), in an interview on Tuesday, the US crude oil output is likely to accelerate at the strongest pace until 2025.

Key Points:

Growth in US oil output until 2025 will be the strongest seen by any country in the history of crude markets, making it the “undisputed” leader among global producers.

“The US will become the undisputed global oil and gas leader for decades to come,” Birol said.

US tight oil production, which includes crude, condensates and natural gas liquids (NHLs) will rise to 13m b/d by 2025, out of total US output of 16.9m b/d.

“The growth in production is unprecedented, exceeding all historical records, even Saudi Arabia after production from the mega Ghawar field or Soviet gas production from the super Siberian fields,” Birol added.