The prediction is that the United States surpasses Russia until 2023 and becomes the largest oil producer in the world, said the IEA (International Energy Agency). Americans must reach the record level of 12.1 million barrels per day (bpd) in five years, representing high 2 million of bqd in relation to this year. Currently, the Russians are leaders in oil production with about 11 million bpd.
According to the IEA, the US will expand its oil and gas production due to technological advances, improved efficiency and the fragile recovery in oil prices. The agency also predicts that 6.4 million of barrels that will be produced between now and 2023, almost 60% are coming from the USA.
The US has produced more and more crude oil with enough quantity to meet domestic demand for refined products such as gasoline. This way, gaining gradually their emancipation by oil production, which was formerly extremely dependent on imports from the Middle East.
In addition to becoming the world's largest oil producer, the trend is that the country will become one of the largest exporters globally, up to 2023. According to the IEA, exports will probably pass to 4.9 million of bpd.
There is an expectation that Brazil, Canada and Norway will also increase their production by adding enough barrels to meet the growing demand by the end of the decade, along with the United States, says the IEA.
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