U.S. Set to Become World’s Leading Exporter of Oil
(Worthy News) – By 2024, the United States will begin to export more oil than Saudi Arabia and become the world’s leading exporter by 2024, according to the International Energy Agency (IEA).
Exports continue to explode from the United States as its shale fields continue to boom, the IAE stated in its annual five-year oil outlook. The forecast sees U.S crude output increasing to 16 million barrels per day, up from its record of 12 million barrels per day.
“The second wave of the U.S. shale revolution is coming,” IEA Executive Director Fatih Birol said in a statement.
He continued by stating, “it will see the United States account for 70% of the rise in global oil production and some 75% of the expansion in LNG trade over the next five years. This will shake up international oil and gas trade flows, with profound implications for the geopolitics of energy.”
The U.S. became the world’s largest oil producer in 2018, and now on the verge of becoming the world’s largest exporter as well.