IEA: Raises US oil output growth estimates through 2023

On Monday, the International Energy Agency (IEA) sharply upgraded the US oil output growth estimates by over 2 mbpd through 2023. 

Key points: 

   •  US crude oil production to hit 12.1 million bpd by 2023
   •  Total US liquids production will reach nearly 17 million bpd in 2023, up from 13.2 million bpd in 2017
   •  Production growth from US, Canada, Brazil, and Norway can keep the world well-supplied
   •  Over next three years, gains from US alone will cover 80% of world's oil demand growth
   •  China remains main engine of growth for global oil demand
   •  Sees global oil demand increasing to 104.7 million bpd by 2023, up by 6.9 million bpd
   •  Shale oil production will account for over half of the world's output growth of 6.4 million bpd