The U.S. will surpass Russia in oil exports and threaten to unseat Saudi as the top exporter by 2024, the International Energy Agency says.
The U.S. will start exporting more oil than Russia and threaten to unseat Saudi Arabia as the world's top exporter by 2024, according to the International Energy Agency.
Those shipments will surge in the coming years as crude production from the nation's shale fields continues to boom, IEA says in its annual five-year oil outlook. The Paris-based adviser to oil consumers and producers sees U.S. crude output — already at a record 12 million bpd — growing by another 4 million bpd through 2024.
Saudi Arabia and Russia have formed an alliance in recent years, coordinating oil production among OPEC and other oil producing countries. The so-called OPEC+ alliance has capped output for much of the last two years, helping to boost oil prices after a punishing downturn. The world will need that supply, in IEA's view. The group sees no signs that growing oil demand will peak in the coming years. It forecasts the world's appetite for oil will increase at an average 1.2 million bpd over the next five years, roughly in line with recent growth trends.
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