LONDON Oct 11 The United States will become the
world's largest oil producer next year overtaking Russia, thanks
to its shale oil boom which has remade the global energy
landscape, the West's energy watchdog said on Friday.
The prediction comes only days after estimates by the U.S.
government showed the spectacular growth in production has
allowed the world's largest oil consumer to reduce imports so
drastically that it has lost its ranking as the world's biggest
oil importer to China.
"The United States' place in the driver's seat of growth is
also a throwback to decades past," the International Energy
Agency said in its monthly report.
"With output of more than 10 million barrels per day for the
last two quarters, its highest in decades, the nation is set to
become the largest nonOPEC liquids producer by the second
quarter of 2014, overtaking Russia. And that's not even counting
biofuels and refinery gains," the IEA added.
The spike in U.S. production will allow total nonOPEC
supply to grow by an average of 1.7 million barrels per day in
2014, peaking at 1.9 million in the second quarter, the highest
annual growth since the 1970s, the IEA said.
That robust growth will compensate for large disruption in
OPEC production and provides a cushion for oil prices, which
otherwise could have spiked much higher than the current $110 a
OPEC crude supplies slipped to below 30 million bpd for the
first time in almost two years, led by steep drops in Libya and
Iraq and despite Saudi output topping 10 million bpd for a third
The IEA said it had cut the "call" on OPEC's oil for 2014 by
an average of 100,000 bpd for 2014 to 29 million bpd due to an
upward revision in nonOPEC supply growth.