The United States becomes a net energy exporter in 2020 and remains so throughout the projection period as a result of large increases in crude oil, natural gas, and natural gas plant liquids (NGPL) production coupled with slow growth in US energy consumption, according to US Energy Information Administration’s (EIA) Annual Energy Outlook 2019, released on January 24.

“The United States has become the largest producer of crude oil in the world, and growth in domestic oil, natural gas, and renewable energy production is quickly establishing the United States as a strong global energy producer for the foreseeable future” said EIA Administrator Linda Capuano.

US President Donald J. Trump has repeatedly criticised the Organization of Petroleum Exporting Countries (OPEC), which has forged an alliance with Russia and other oil producers to cut production and boost oil prices that could be affected by a global supply glut.

 

Full article available: https://www.neweurope.eu/article/us-oil-production-may-undermine-opec-plus-cuts/

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