Surging U.S. oil production could hit a wall in the coming years if the country maintains its ban on crude exports, the International Energy Agency said. America’s crude output has surged in recent years, driven by a boom in shale oil production. Last year, the country’s oil production rose 15%, the fastest absolute annual growth in any country in 20 years. By next year, the IEA estimates imported oil of a similar quality to the crude produced from shale could be almost entirely backed out of U.S. coastal refineries. However, the U.S. tightly regulates exports of its oil, limiting the market for its new oil supply. “The growing volumes of light tight oil that cannot leave North America are increasingly posing a challenge to industry, putting the spotlight on the U.S. crude oil export ban,” the IEA said in its monthly oil market report. For now, refinery, pipeline and […]