The United States will drive global oil supply growth over the next five years, ...
LONDON - The United States will drive global oil supply growth over the next five years, adding another 4 million barrels per day to the country’s already booming output, the International Energy Agency said on Monday.
Crude output in the United States will rise nearly 2.8 million bpd, growing to 13.7 million bpd in 2024 from just under 11 million bpd in 2018, the IEA said. A boom in U.S. oil supply due to shale oil has countered efforts by OPEC and its partners led by Russia to restrain supplies. The so-called OPEC+ group began a new round of oil supply cuts in 2019 to support prices.
Global oil demand growth is set to ease as China slows, but will still rise by an annual average of 1.2 million bpd to 2024 when it will reach 106.4 million bpd. Demand for OPEC crude will rise but given the growth expected from the United States and other non-OPEC producers, Saudi Arabia and its allies will probably have to maintain efforts to withhold supplies.
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