The U.S. will surpass Russia in oil exports and threaten to unseat Saudi as the top exporter by 2024, the International Energy Agency says.
The U.S. will start exporting more oil than Russia and threaten to unseat Saudi Arabia as the world's top exporter by 2024, according to the International Energy Agency.
Those shipments will surge in the coming years as crude production from the nation's shale fields continues to boom, IEA says in its annual five-year oil outlook. The Paris-based adviser to oil consumers and producers sees U.S. crude output — already at a record 12 million bpd — growing by another 4 million bpd through 2024.
Saudi Arabia and Russia have formed an alliance in recent years, coordinating oil production among OPEC and other oil producing countries. The so-called OPEC+ alliance has capped output for much of the last two years, helping to boost oil prices after a punishing downturn. The world will need that supply, in IEA's view. The group sees no signs that growing oil demand will peak in the coming years. It forecasts the world's appetite for oil will increase at an average 1.2 million bpd over the next five years, roughly in line with recent growth trends.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Saudi Aramco's board to meet to approve SABIC bond plan: sourcesSaudi Aramco's board is set to meet this week in Saudi Arabia where it will...
Weiterlesen »
Donald Trump's 'great ally' Saudi Arabia has tortured and detained a U.S. citizen: reportTrump’s unwavering support for Saudi Arabia has raised significant bipartisan criticism from lawmakers in Washington.
Weiterlesen »
First phase of US missile system sale to Saudi Arabia moves forwardThe first phase of Saudi Arabia's long awaited purchase of an advanced US missile defense system has been finalized with the formal awarding of a contract on Monday.
Weiterlesen »
Saudi Arabia says it is too early to restore ties with SyriaSaudi Arabia said on Monday it was too early to restore diplomatic ties with Syr...
Weiterlesen »
Saudi Arabia says it believes Canada to go ahead with arms dealSaudi Arabia said on Monday it believes Canada will go ahead with a multibillion...
Weiterlesen »
Saudi Arabia, a crown prince, and the bombSaudi attempts to get their hands on nuclear technology could destabilise a fraught region. So why is the Trump administration helping? Opinion | ialmarashi
Weiterlesen »
Cloistered Kingdom of Saudi Arabia Aims to Ease Entry for TouristsOfficials in Saudi Arabia are working to loosen tourism restrictions this year for foreign visitors including Americans to help diversify the kingdom’s oil-dependent economy.
Weiterlesen »