Oil Predictions for 2021

The International Energy Agency (IEA) predicted on Monday that the U.S. will lead the world in oil production by 2021. In the mid-term market report, IEA said that although “U.S. light, tight oil output is "falling steeply for now" amid a low price environment, the market will begin rebalancing in 2017 and, soon after that, the U.S oil industry could see a robust increase in oil production.” The U.S. and Iran will see the largest production gains among non-OPEC and OPEC countries in the next five years. IEA believes that a re-balancing of supply and demand is starting in 2016.