Phil Flynn is writer of The Energy Report, a daily market commentary discussing oil, the Middle East, American government, economics, and their effects on the world's energies markets, as well as other commodity markets. Contact Mr. Flynn at (888) 264-5665
[Matthew Rocco, FoxBusiness]
America is on its way to becoming the largest oil producer in the world.
The nation will surpass Russia, the current No. 1, by 2023, the International Energy Agency estimated on Monday. U.S. crude production is projected to hit a record of 12.1 million barrels a day in 2023, which would reflect an increase of roughly 2 million barrels compared with this year. Russia pumps about 11 million barrels of oil each day.
IEA Executive Director Fatih Birol, speaking at the CERAWeek by IHS Markit conference in Houston, said the U.S., Brazil, Canada and Norway will contribute to supply growth by non-OPEC nations, according to The Wall Street JournalOpens a New Window..
The U.S. has experienced strong production growth in recent years as such energy giants as Exxon Mobil (NYSE:XOM) have boosted their output from shale regions including the Permian Basin in Texas and the Bakken Formation in North Dakota. The IEA said U.S. oil will account for 60% of the 6.4 million new barrels produced daily between now and 2023.
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