"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.
"This bolsters the position of the United States as an exporter of both fuels. By 2025, total US shale output (oil and gas) overtakes total oil and gas production from Russia", the IEA stresses.
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 to Grow by 1Mln B/D Annually Until 2025
Global oil demand is also expected to boost on average by 1 million barrels per day until 2025, according to the latest IEA report.
"In the Stated Policies Scenario, global oil demand rises by around 1 mb/d on average every year until 2025. The largest increases in production between 2018 and 2040 come from the United States, Iraq and Brazil", the report says.
"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.