IEA raised its forecast for US oil production by 2.7 million bpd by 2023. IEA making some comments and forecasts as follow:
- US oil production could reach 12.1 million bpd by 2023.
- The total US production of liquids may reach 17 million bpd in 2023 compared to production in 2017 at 13.2 million bpd.
- The United States, Canada, Brazil and Norway are among the world's leading suppliers.
- US oil production alone is expected to cover about 80% of global demand over the next three years.
- China is one of the largest consumers of oil globally.
- Global demand is expected to increase by 6.9 million barrels to 104.7 million bpd by 2023.
- Shale oil production will account for over half of the world's output growth of 6.4 million bpd.
