Total U.S. oil production around 2025 will almost equal the combined production of Russia and Saudi Arabia, Fatih Birol, the Executive Director of the International Energy Agency (IEA), told Turkish state-run Anadolu Agency on Friday. The huge growth in U.S. shale production will completely change the balance of oil markets, Birol told the news agency. The IEA’s Oil 2018 report from earlier this year sees the United States dominating the global oil supply growth over the next five years. OPEC capacity will grow only modestly by 2023, while most of the growth will come from non-OPEC countries, led by the United States, “which is becoming ever more dominant in the global oil market,” the IEA said. The most vital industry information will soon be right at your fingertips Join the world’s largest community dedicated entirely to energy professionals and enthusiasts Driven by light tight oil, U.S. production is seen […]