U.S. To Become World’s Largest Oil Exporter By 2024

The U.S. is set to become the world’s largest crude oil exporter, surpassing both Saudi Arabia and Russia, in the coming years.

The International Energy Agency released a report saying the U.S. could surpass both nations by 2024.

According to the report, both Saudi Arabian and Russian exports have somewhat plateaued, and American exports are expected to rise by two million barrels per day in 2021.

The IEA also expects the demand for oil to continue to rise, spiking to over 106 million barrels per day though there is no peak in sight.

Experts cite the shale oil boom as reason the U.S. will become the number one crude oil exporter, which includes oil, natural gas liquids, and other petroleum products.

President Trump has put an increased emphasis on domestic oil production, which many cite as the push for the U.S. to produce more oil within American borders.

Fracking is the method in which shale oil is produced from drilling down into rocks and extracting gas from inside the rock.

Hydraulic fracturing is the reason many experts claim the U.S. was able to become the world’s largest oil producer in February.

Shale oil production in the U.S. has spiked over six million barrels per day in the last nine years, thanks largely to fracking.

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