International Energy Agency Chief Say US To Remain Global Market Leader In Shale Oil

International Energy Agency Chief Say US to Remain Global Market Leader in Shale Oil

Anastasia Levchenko - International Energy Agency (IEA) Executive Director Fatih Birol said on Tuesday in an interview with Sputnik that the United States would remain a leader in the global shale oil market

DAVOS (Pakistan Point News / Sputnik - 21st January, 2020) Anastasia Levchenko - International Energy Agency (IEA) Executive Director Fatih Birol said on Tuesday in an interview with Sputnik that the United States would remain a leader in the global shale oil market.

"The level of prices will be a key determinant of growth, and with the US shale industry being very flexible and responsive to price signals, the range of outcomes for US growth is very wide. What is for sure is that US production is here to stay and will maintain a leading role in the global oil supply," Birol said.

He added that in the coming years the pace of crude oil production growth would slow as oil fields matured and big companies with long-term perspectives took leading roles in the market.

Last week, the Energy Information Administration said that US oil production was expected to reach a record high of 13.7 million barrels per day by 2021.