The U.S. is set to bypass Russia in the production of liquid fuels such as crude and ethanol this quarter, a top energy watchdog said Thursday, as global demand for oil is picking up faster than expected.
The
U.S.
is
set to bypass
Russia
in
the production of liquid fuels such as crude and ethanol this quarter, a top
energy watchdog said Thursday, as global demand for oil is picking up faster
than expected.
In its closely watched monthly oil report, the International Energy Agency said
that "including biofuels (ethanol and biodiesel), the
U.S.
is
set to become the leading non-OPEC liquids producer as of the third quarter,
bypassing
Russia
."
But the IEA, which represents some of the world's largest energy consumers,
didn't say how
U.S.
output will fare compared with
Saudi
Arabia
, the largest producer in the
Organization of the Petroleum Exporting Countries.
It added that stripping out biofuels and refinery gains,
U.S.
total
liquids production would trail
Russia
by
500,000 barrels a day.
The news comes as
North America
is playing an increasingly
pivotal role in responding to rising global oil demand amid a collapse in
Libyan production.
Oil production from the
U.S.
and
Canada
combined is expected to grow 510,000 barrels a day in the third quarter, the
IEA said.
Those extra barrels will have no problem finding buyers as the agency said
global oil demand would be about 260,000 barrels a day higher than it had
previously expected for this quarter. The IEA also upgraded its forecast for
global oil demand growth for next year by 70,000 barrels a day as "the
macroeconomic backdrop continues to improve."
That means the world's need for oil next year will increase by 1.1 million
barrels a day, or 1.2%, to 92 million barrels a day.
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