IEA head Fatih Birol says US to be biggest oil producer by next year

Some comments by IEA head Fatih Birol via Reuters

• Says that US is to be the biggest producer of oil "definitely next year" if not this year
• Will exceed output of top producer - Russia
• US output is to exceed 11 million barrels per day by late 2018

Echoes similar comments to the monthly report released two weeks ago here.

Oil has been on the rise in the second half of February with WTI crude bouncing off lows at $58 levels to current levels near $64. The turnaround in sentiment on risk assets have been a major contributor to that.

But the market will surely enough eventually start to shift its attention towards the supply issue and US shale production, especially if oil prices continue to hover close to $70 per barrel.