Data released by the International Energy Agency predicts major growth in oil production by countries outside OPEC next year, Bloomberg reports.
In 2014, oil output from non-OPEC countries — including the U.S., Canada, and Kazakhstan — will surge and reach an estimated 56.4 million barrels, with an average increase of 1.7 million barrels per day.
U.S. oil production driven by shale oil and gas exploration in the Bakken and Eagle Ford formations will play a major role in expanding output, but Kazakhstan wins the title for single-largest contributor to the forecasted boom due to the opening of the Kashagan field in the Caspian Sea.
According to the IEA monthly market report released Friday, "Non-OPEC crude and other liquids supply scaled new heights lately." The report added that the "surge looks less like a one-off than a preview."