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US To Become Net Oil Exporter This Year


The United States will become a net oil and oil product exporter this year thanks to continued growth in production combined with slacker domestic demand, the Energy Information Administration said in its 2020 Annual Energy Outlook.

Oil production, the EIA said, will continue growing until at least 2025, reaching 14 million bpd in just two years, after which it would plateau and stay flat until about 2045. This, however, depends on the developing shale oil deposits with little history of production, the EIA noted, meaning there scant background information about production rates and how long they can be sustained.

One thing that is known, however, is that over time, producers will need to move to less productive areas of the shale patch as the most productive ones get exhausted. This will slow down the growth rate in overall production.

Consumption of oil in the U.S., on the other hand, will decline over the next years and decades. Peak consumption, according to the authority, was hit in the early 2004 and since then demand has been steadily declining.

Unsurprisingly, shale oil will account for the bulk of production in the U.S., with the Gulf of Mexico, Alaska, and other conventional resources making up less than half of the total in the period to 2050. In fact, in the EIA’s reference case, conventional oil will account for only 30 percent of the total.

Even so, offshore production could hit a record-high 2.4 million bpd by 2026 thanks to new discoveries, the EIA also said. Many of these, the authority noted, were discovered before the 2014 price collapse, but development had to be delayed until prices improved. Now, they may have risen high enough to make these projects economically viable.

Offshore production will continue rising longer than shale oil production, with the peak seen in 2035 and the decline beginning around 2050.


54 Comments on "US To Become Net Oil Exporter This Year"

  1. JuanP on Sun, 2nd Feb 2020 5:23 pm 

    Why Are Liberal Cities Such A Mess?

    “…go soft on crime, reward cronies with public funds, establish hostile business environments, heavily tax the most productive citizens and set up fat pensions for their union friends”

    Trump 2020! Putin and XI

  2. makati1 on Sun, 2nd Feb 2020 6:14 pm 

    Anon, I gave up keeping track of the insanity here. I may reply to a comment, no matter who made it. PO is a perfect example of Amerika today. Full of delusional, psychotic, denialists.

    Manila will be no worse than any large city as the US is finding out. There are now castes in NYC.

    The Philippines is a young, growing country. The GDP does not make a good comparison to other countries. Most of them are lies. Especially the US which has not had a true positive GDP growth in at least 10 year4s. See Shadowstats for proof.

    I have lived here for almost 12 years and see no reason to ever move back to the US Police State. Never. I dread even going there for a visit. I skipped last year and may not go this year. It is getting too radical and crazy. The frogs in the pot may not feel/see the change, but outsiders certainly do.

    “The Philippines is historically a Third World country and currently a developing country.”

    Better to be in a developing/growing country than a dying/declining one like the US police state. Uneducated Amerikans think “3rd world” means Bangladesh when it just means not fully controlled/plundered by the West.

    You, who have never been here, are ignorant of reality. Soaked in USMSM propaganda. Brainwashed/distracted to ignore the collapsing US. Hypocrites all.

  3. More Davy ID Fraud on Sun, 2nd Feb 2020 8:39 pm 

    Anonymouse on Sun, 2nd Feb 2020 5:20 pm

  4. More Mental Case Davy ID Fraud on Sun, 2nd Feb 2020 8:48 pm 

    Anonymouse on Sun, 2nd Feb 2020 5:20 pm

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