Oil production in the United States will reach a record high by 2021 as efficiency gains help domestic producers to combat the low prices that are likely to force hefty output cuts this year and next, the International Energy Agency (IEA) said on Monday. After an initial dip this year and next, U.S. output is expected to climb to 14.2 million barrels per day (bpd), the IEA said in its medium-term outlook, citing the “free-for-all” that has come to characterise today’s oil market. U.S. shale oil was the main target of OPEC’s 15-month-old policy to pump as much crude as possible to claw back market share after the boom in so-called light, tight oil (LTO). Production of shale oil […]