A pumpjack brings oil to the surface in the Monterey Shale, California, U.S. April 29, 2013. Photo: Reuters, Lucy Nicholson

The Paris-based International Energy Agency forecast on Wednesday that a US shale surge will push global supply up faster than demand, reports the Financial Times.

IEA noted that US shale production will account for more than half of non-OPEC supply growth, and perhaps even more. “Such is the dynamism of this extraordinary, very diverse industry it is possible that growth will be faster.”

Supply will, however, begin to tighten in the second half of the year, according to the report.

“Incorporating the scenario that Opec countries continue to comply with their output agreement, stocks might not fall to the desired level until close to the expiry of the agreement in March 2018.”

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