IEA sees US adding most oil to global supplies through 2020

London

THE US will remain the biggest contributor to global growth in oil supplies to 2020 as Opec's attempts to defend its market share hurt suppliers including Russia more, according to the International Energy Agency (IEA).

US production of oil from hard-to-penetrate rock formations, while slower than previously forecast, will expand to 5.2 million barrels a day by the end of the decade from about 3.6 million barrels last year, the Paris-based adviser to consuming nations said in a report on Tuesday. Russia's output will contract by 560,000 barrels a day in the period, a bigger drop than any other nation, as sanctions compound the impact of lower prices.