USA to lead world oil, gas output: report

USA

BONN, November 16, 2017 – In the long run, the USA will become the “undisputed leader of oil and gas production worldwide,” Fatih Birol, the chief of the International Energy Agency, told journalists on Thursday.

Speaking at a climate conference in Germany, Birol cited estimates from the agency showing that oil markets would rebalance in 2018 if current demand and global production cuts persist, Reuters reported.

Nevertheless, recovering US shale production over the past few months has been a major factor contributing to the global glut and reducing the effects of an output cut deal between OPEC and non-OPEC producers that was extended by nine months in May.