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IEA sees 'explosive' growth in US oil output as prices rally

The International Energy Agency forecasts "explosive" growth this year in US oil production as prices rally, potentially offsetting a further collapse in Venezuelan oil production.

Photo: Wintershall

US oil output is set for "explosive" growth this year as prices rally, potentially offsetting a further collapse in Venezuela's production, the International Energy Agency said.

The agency is joining a chorus of voices from Goldman Sachs group Inc. and OPEC’s own analysts in warning of a surge in US production as oil hits three-year highs. Output cuts led by the Organization of Petroleum Exporting Countries have been successful in eroding bloated stockpiles, and yet they risk becoming a victim of their own success.

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