In a closely-watched monthly report published by the International Energy Agency (IEA) on Tuesday, the Paris-based organization said a rise in global oil production — led by the U.S. — was on track to outpace growth in demand this year.
“Even though oil stocks are fore¬cast to draw this year, non-OPEC growth supply will still exceed the growth in global oil demand. This is hardly a supportive environment and is not conducive to a sustained price recovery,” Brennock said.
The IEA also forecast that the U.S. would be well-placed to overtake the likes of Saudi Arabia and Russia as the world’s leading energy producer by 2019.
Recent U.S. government data showed that American drillers began pumping more than 10 million barrels of crude oil daily in November, more than top OPEC producer Saudi Arabia.
