Photo credit: Vsevold Schuvanob | Dreamstime.com

The International Energy Agency is predicting that the U.S. would overtake Russia as the biggest crude oil producer if not this year, then “definitely next year.”

The U.S. shale oil production reached 110,000 barrels/day in March and expectations are, the numbers would continue to rise. The U.S. Energy Information Administration says the U.S. oil output would surpass 11 million bpd by late 2018. Russia failed to retain its leadership on the said aspect. U.S. is most likely to take the top spot over Russia as leading oil producer by 2019.

Aside from oil, the U.S. gas industry is also poised to embrace the biggest increase of production has ever seen over the next few years. The U.S. is also set to become the leading exporter of liquefied natural gas due to the increasing demand from China, India and Southeast Asia after these countries turn more to clean energy.

As more industries also transform into eco-friendly contributors, the oil demand of the U.S. is expected to fall by over 4 million barrels a day by 2040, with the expanding electric vehicles and improved fuel efficiency in such vehicles that still use combustion engines.

As predicted by the Energy Department, the U.S. is also being anticipated to become a net energy export country by 2022.

Also according to the Annual Energy Outlook, the U.S. natural gas export has successfully reached the new market beyond traditional North American countries, shipments of crude oil increase and outward flows of refined products such as gasoline remain strong and dynamic.

If all relevant forecast come true, 2022 will mark the first year that U.S. energy exports will surpass imports since 1953.

More cutting edge technology is also expected to complement the U.S. strategy to dominate the world energy market.

Source:

https://insights.jumoreglobal.com/us-to-overtake-russia-as-worlds-top-oil-producer-by-2019-and-become-a-net-energy-exporter-by-2022/