The IEA believes Norwegian oil production will increase in the years to come

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The International Energy Agency (IEA) estimates that over the course of five years, Norway will bypass Kazakhstan and Kuwait on the list of the world’s largest oil exporters.

In a recent report, the IEA writes that Norway is experiencing a “renaissance”, and expects increased oil production of 0.6 million barrels a day on the Norwegian shelf in the period 2018-2024. Thus, Norway, together with the USA, Iraq and Brazil, is among the countries where the highest increase in production is expected.

However, the Norwegian increase is small compared to the US, where shale oil production is expected to provide 4.1 million more barrels a day by 2024.

Together, the energy agency expects the US to account for two-thirds of the increase in global oil production over the next five years. This will make the US a larger oil exporter than Russia and place the country close next to Saudi Arabia.

The second wave of US shale revolution is on its way. This will show up the international trade flow with oil and gas, which will have a significant impact on geopolitics in the energy field, says IEA chief Faith Birol.

By 2021, the US will become a net exporter of oil, the IEA estimates.

© NTB Scanpix / #Norway Today