Jumore Global reports, April 24, 2018, that according to a Feb. 27 report released by the International Energy Agency, the U.S. is expected to replace Russia as the world’s top oil producer by 2019. IEA Executive Director Fatih Birol said the U.S, will overtake Russia as the biggest crude oil producer “definitely next year,” if not this year. America’s shale oil boom is exerting profound impact on the global oil market.
According to U.S. Energy Information Administration, U.S. oil output would exceed 11 million barrels per day (bpd) by late 2018.
But it’s not just the oil. US gas industry is also set to embrace the biggest increase of production has ever seen over the next few years. The IEA forecasts that the U.S. is also on its way to become the No. 1 exporter of liquefied natural gas, because of the growing demand from China, India, and Southeast Asia.
As the earlier forecasted by Energy Department, America is set to become a net energy export country by 2022, which will be the first year since 1953 that U.S. energy exports surpass imports.