DRILL BABY DRILL – A happy milestone to look forward to:
The U.S. will overtake Russia to become the world’s largest oil producer by 2023, accounting for most of the global growth in petroleum supplies, a top industry monitor said Monday.
U.S. crude production is expected to reach a record of 12.1 million barrels a day in 2023, up about two million barrels a day from this year, said the International Energy Agency, which advises governments and corporations on industry trends. American oil output will surge past Russia, currently the world’s largest crude producer at roughly 11 million barrels a day.
“The No. 1 overall message, non-OPEC supply growth is very, very strong, which could change the parameters for the oil markets in the years to come, led by the United States, but also Brazil, Canada and Norway,” IEA Executive Director Fatih Birol said Monday during the CERAWeek energy conference, presented by IHS Markit Ltd. in Houston.
Screw the oil cartel. The oil gave far more influence to most of its producers than they ever deserved. Technological developments as well as sensible energy policies are finally providing the natural correction to the global reach of the OPEC.