The United States Is a Major Energy Exporting Nation

The International Energy Agency's (IEA) five-year outlook expects that the United States will overtake Russia and potentially Saudi Arabia as an oil exporter by 2024. The U.S. shale revolution‚--thanks to hydraulic fracturing and directional drilling‚--has made the United States one of the world's largest energy producers and potentially the largest oil exporter globally within five years. Forecasters expect the United States to become a net energy exporter by 2021, with its liquids production increasing by a record 2.2 million barrels per day in 2018. This one-year increase is slightly less than the total annual production of Kuwait and slightly more than the production of Nigeria, the 6^th and 7^th producers in the world, respectively. IEA expects the United States to provide 70 percent of the increase in global liquids production capacity by 2024‚--4 million barrels per day. Shale oil and liquefied natural gas (LNG) are increasingly in demand with Asian countries, particularly China.

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