US to account for most global oil supply growth by 2024: IEA

The US will start exporting more oil than Russia and close in on Saudi Arabia as the world’s top exporter by 2024, the International Energy Agency (IEA) said in its annual five-year oil outlook.

"Those shipments will surge in the coming years as crude production from the nation’s shale fields continues to boom," it added.

The Paris-based agency expects US crude output — now at a record 12 million barrels per day (mbd) — to grow by another 4 mbd through 2024.

“The second wave of the US shale revolution is coming. It will see the United States account for 70 percent of the rise in global oil production and some 75 percent of the expansion in LNG trade over the next five years," IEA Executive Director Fatih Birol said in a statement.