This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

IEA sees USA leading global oil supply growth to 2024

11 March 2019

The US will drive global oil supply growth over the next five years, adding another 4 million barrels per day to the country’s already booming output, the International Energy Agency said on March 11. “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,” the IEA said.

Global oil demand growth is set to ease as China slows, but will still rise by an annual average of 1.2 million bpd to 2024.

“Still, the IEA continues to see no peak in oil demand, as petrochemicals and jet fuel remain the key drivers of growth, particularly in the United States and Asia, more than offsetting a slowdown in gasoline due to efficiency gains and electric cars,” the Paris-based IEA said.

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


Print this page | E-mail this page