United States to Be the World’s Largest Producer of Oil by 2023
But IEA cautions that investment is needed in the oil sector in areas besides the United States to meet future demand and to avoid skyrocketing prices
By Institute for Energy Research —— Bio and Archives--March 13, 2018
Global Warming-Energy-Environment | Comments | Back To Full Article
According to the International Energy Agency (IEA), when accounting for most of the global growth in petroleum supplies, the United States is expected to overtake Russia to become the world’s largest oil producer by 2023. Other forecasters are also expecting that outcome including the Energy Information Administration, Exxon Mobil, and BP. U.S. crude oil production is expected to reach a record of 12.1 million barrels a day in 2023, up 2.8 million barrels a day from current levels due to technological advances, improved efficiency, and an oil price recovery that has shale oil companies ramping up their drilling. American oil production would then surpass Russian oil production, currently the world’s largest crude producer at about 11 million barrels a day.Welcome to CFP’s Comment Section!
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