Gains in U.S., Canada will outweigh steep drop in Venezuela Venezuela had biggest unplanned production decline in 2017 U.S. oil output is set for “explosive” growth this year as prices rally, potentially offsetting a further collapse in Venezuela’s production, the International Energy Agency said. The agency is joining a chorus of voices from Goldman Sachs group Inc. and OPEC’s own analysts in warning of a surge in U.S. production as oil hits three-year highs. Output cuts led by the Organization of Petroleum Exporting Countries have been successful in eroding bloated stockpiles, and yet they risk becoming a victim of their own success . Heady Days Non-OPEC oil output growth in 2018 is comparable with the best years of U.S. shale boom -1-1011223320122013201420152016201720183m b/d Source: International Energy Agency The IEA boosted its forecasts for non-OPEC supply growth this year by 100,000 barrels to 1.7 million barrels a day compared to […]