IEA says US’ oil, oil product export may outstrip Russia by 2024

MOSCOW, Mar 11 (PRIME) -- 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 a report published on Monday.

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.

If the country implements all export projects it had announced, the U.S. will be able to export up to 8.4 million barrels a day of oil by 2024. This will make the country one of the largest net exporters of oil from the point of view of capacities, making it equal to Saudi Arabia and above Russia, even though the U.S. net exports of oil may still be lower than exports of the two other countries, the IEA said.

The agency also expects an increase in global demand for oil to slow down to 1 million barrels a day in 2024 from 1.4 million barrels in 2019–2020 due to weakening in the global economy because of several factors, including the U.S.–China trade war and the Brexit.

Demand for oil may grow to 106.4 million barrels a day in 2024 from 100.6 million barrels a day in 2019, the IEA said.

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