On Monday (March 11th), the International Energy Agency (IEA) said that the United States would likely to add another 4 million barrels of crude oil per day to the country’s already skydiving oil reserve, which seemingly would make the United States a crude oil head honcho over the next five years, a nation which had once been one of the largest importers of crude oil.
According to the Paris-based International Energy Agency, the US oil production including natural gas liquids alongside other hydrocarbons would likely to surge above 19.6 million barrels per day by 2024 from 2018’s 15.5 million barrels per day.
Besides, the IEA had also added that the US gross crude export would double, which would eventually result in a greater competition for energies in the Asian markets and United States may have the singular authority to dominate the Crude oil price.
Apart from that, IEA also said that the Crude output in the US would rise roughly 2.8 million barrel per day to 13.7 million barrels per day by 2024. The outlook mounts pressure on oil dependent economies of the OPEC nations, as US had been surging its oil inventories at a radical pace and by 2024, a production cut alongside other price-controlling procedures of OPEC would not be sufficient to pull the strings of crude oil price.