EIA: US oil export may outstrip Russia by 2024

EIA: US oil export may outstrip Russia by 2024

The U.S. will become a net oil and oil product exporter in 2021, and will export more oil than Russia by 2024, the International Energy Agency (IEA) said in its new Oil 2019 report.

In 2018, the combined production of liquid hydrocarbons in the U.S. grew by 2.2 million barrels a day, and expansion of the U.S. capacities will account for about 70% of all growth of oil production in the world until 2024, adding a total of 4 million barrels a day to the oil output, the agency said.

"The United States is increasingly leading the expansion in global oil supplies, with significant growth also seen among other non-OPEC producers, including Brazil, Norway and new producer Guyana," the IEA said in its five-year outlook.

"By the end of the forecast (2024), oil exports from the United States will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply," Reuters cited the IEA report as saying.

Iraq, the IEA said, would reinforce its position as a top producer, becoming the world’s third-largest source of new supply and driving growth within OPEC.

"The increase will have to compensate for steep losses from Iran and Venezuela, as well as a still-fragile situation in Libya," the IEA said.