c-oil-RTXZ5IT-Lucy Nicholson

Once a major oil importer, the US is getting closer to self-sufficiency

12.1 million

The US, once a major oil importer, should get closer to self-sufficiency in five years, according to new estimates by the International Energy Agency.

Published   |  Photo by Reuters/Lucy Nicholson
c-oil-RTXZ5IT-Lucy Nicholson
12.1 million

US oil production is expected to grow to 12.1 million barrels per day by 2023, closing on the largest producer, Saudi Arabia, with 12.3 million barrels per day, by 2023.

c-oil-RTXZ5IT-Lucy Nicholson
12.1 million

Crude oil production in the US between 1997 and 2017

c-oil-RTXZ5IT-Lucy Nicholson
12.1 million

The US and other non-OPEC countries, like Canada, Norway, and Brazil, should steal share from major oil producers like Russia and OPEC over the next five years, the IEA said.

c-oil-RTXZ5IT-Lucy Nicholson
12.1 million

In the US, much of that growth is thanks to shale oil extraction. A surge in prices is also pushing firms to produce more. Brent crude, the international oil benchmark, went from below $30 in 2016 to over $70 in January.

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