IEA Says North American Oil Output Growth Strongest Outside OPEC

North America will become the fastest growing oil-producing region outside OPEC during the next five years, with output estimated to jump 11 percent, according to the International Energy Agency.

The region is likely to see output climb 1.5 million barrels a day to 15.6 million by 2016 mostly because of increased output from Canadian oil sands and U.S. onshore shale formations, the Paris-based adviser to oil-consuming nations said today in its Medium-Term Oil and Gas Markets report.