US Shale Output to Overtake Oil and Gas Production From Russia by 2025 - IEA

13/11/2019 09:02 Energy


The total US shale output will overtake production of oil and gas in Russia by 2025, according to the Stated Policies Scenario outlined in World Energy Outlook report released by the International Energy Agency (IEA) on Wednesday.

"Shale output from the United States stays higher for longer, reshaping global markets, trade flows and security. Annual US production growth slows from the breakneck pace seen in recent years, but updated official estimates of underlying resources nonetheless mean that the United States accounts for 85 percent of the increase in global oil production to 2030 in the Stated Policies Scenario, and for 30 percent of the increase in gas", the report says.


Earlier in the day, Saudi Arabia's state oil giant Aramco stressed that oil production in Russia remains expensive compared to other parts of the world.


Global oil demand is also expected to boost on average by 1 million barrels per day until 2025, according to the latest IEA report.


"The share in oil production from countries in the Organisation of the Petroleum Exporting Countries (OPEC) plus Russia falls to 47 percent for much of the 2020s, a level not seen since the 1980s. The oil price required to balance supply and demand in this scenario edges higher to nearly $90/barrel in 2030 and $103/barrel in 2040", the document adds.


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