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March 5, 2018 | US will Overtake Russia to Become Top Oil Producer by 2023

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
The International Energy Association (IEA) says the US will overtake Russia and become the leading oil producer by 2023.

U.S. crude production is expected to reach a record of 12.1 million barrels a day in 2023, up about 2 million barrels a day from this year, said the International Energy Agency, which advises governments and corporations on industry trends. American oil output will surge past Russia, currently the world’s largest crude producer at about 11 million barrels a day.

Once heavily dependent on imports from the Middle East, the U.S. is getting closer to achieving its goal of producing enough crude to meet domestic demand for refined products like gasoline.

Of the 6.4 million new barrels of oil that will be pumped every day between now and 2023, almost 60% will come from the U.S., the IEA said. “And I can tell you our expectations may well need to be revised upwards if prices are higher,” IEA Executive Director Fatih Birol said.

Note: I misread that. It was up BY 2 million not up FROM 2 million.

What do you think?

Mike “Mish” Shedlock

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March 5th, 2018

Posted In: Mish Talk

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