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U.S. to Lead Oil Supply Growth, No Peak Demand in Sight

The U.S. will drive global oil supply growth over the next five years thanks to the remarkable strength of its shale industry, triggering a rapid transformation of world oil markets according to the International Energy Agency’s annual oil market forecast. By the end of the forecast, oil exports from the U.S. will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply.

Global oil markets are going through a period of extraordinary change, with long-lasting implications on energy security and market balances throughout our forecast period to 2024. The U.S. is increasingly leading the expansion in global oil supplies, with significant growth also seen among other non-OPEC producers, including Brazil, Norway and new producer Guyana. 

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