Fueled by rapid growth in the Permian, US oil production will climb by more than 2.76 million b/d to 13.72 million b/d by 2024 as the US is forecast to export more oil than Russia and nearly as much as Saudi Arabia within five years, according to the International Energy Agency’s Oil 2019 report. The report, which was released Monday at the start of the CERAWeek by IHS Markit conference in Houston, forecasts that the US will become a net exporter of crude and products in 2021 and claims that US exports will climb to 9 million b/d within five years. “Thanks to the remarkable strength of its shale industry, the United States is triggering a rapid transformation of global markets,” Fatih Birol, IEA’s executive director, said in a statement. The increase of US exports […]