IEA forecasts record growth of shale oil in the US by 2025

© RIA Novosti / Maxim to Bogodeeva in fotosannette conventional pumping unit. Archival photo<img src="/wp-content/uploads/sites/5/2017/11/db3599fe82f9e1f168898011d4b8cbc6.jpg" alt="IEA forecasts record growth of shale oil in the US by 2025″ />© RIA Novosti / Maxim to Bogodeeva the image Bank

The increased production of shale oil and gas in the United States in the near future will be the largest in the history of the oil and gas industry, breaking all previous records, according to the baseline scenario, the annual forecast of the International energy Agency (IEA) World Energy Outlook 2017 (WEO-2017).

«According to our forecasts, the production of shale oil in the United States in the period from 2010 to 2025 will increase by 8 million barrels per day, which will be the largest sustainable growth of oil production in one country in the entire history of the market», — said in a forecast.

Increasing oil production in the US (primarily due to oil shale) up to 2025 will be the largest driver of growth in the market supply of oil from countries outside OPEC, according to the IEA; in this period the growth of us oil production is equal to the rate in Saudi Arabia at the peak of its expansion, and after a few years the country will become a net exporter of oil.

After 2025, Fitch expects oil production in the United States will peak and begin to decline. So, oil production and condensate in the United States by 2025 will increase by 35 percent from the end of 2016 to 16.9 million barrels a day, and then will begin to decline and by 2040 will fall to 14.9 million barrels per day.

Gas production in the U.S. by 2040, in the opinion of the IEA, will reach to 1.06 trillion cubic meters, which is 40% higher than the end of 2016. The index will also be provided (80%) production of shale gas, which by 2040 will reach 800 billion cubic meters. In addition, by 2025 the United States will become the world’s largest exporter of liquefied natural gas (LNG), according to the Agency.

«Increased production of shale gas (in USA) will be particularly sharp until 2025. In fact, this growth will be the largest in the history of the gas market, given that in the period between 2008 and 2023 years the increase will amount to 630 billion cubic meters, which suggests a more rapid growth than the increase of gas production in the USSR in the years 1974-1989,» — emphasizes the Agency.