Published time: October 11, 2013 14:11
AFP Photo / Robyn Beck
The IEA says the US will overtake Russia as the biggest oil producer next year, citing the ‘shale revolution’ that has reshaped the global energy market. Some experts believe this will sober Russia and put a lid on talk of a ‘commodity curse’.
“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 non OPEC liquids producer by the second quarter of 2014, overtaking Russia. And that’s not even counting biofuels and refinery gains,” the International Energy Agency (IEA) said on Friday.
Growing production in America will drive non OPEC supply up by an average of 1.7 million barrels per day in 2014, to peak at 1.9 million in the second quarter, the highest annual growth since the 1970s, the IEA said.