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IEA Report: US To Become Net Oil Exporter By 2021

That’s good news for Houston.

The IEA predicts the United States will pass Russia and catch up with Saudi Arabia in oil exports by 2024.


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The United States will become a net oil exporter in the next two years, according to the Oil 2019 report by the International Energy Agency.

The IEA released its five-year forecast for the oil and gas industry at the start of the annual CERAWeek conference in Houston on Monday.

The forecast is based on the assumption that U.S. producers will increase output by 4 million barrels of crude oil per day. The United States would account for 70 percent of the increase in global oil production.

"This is extraordinary," Ed Hirs, an energy economist at the University of Houston, said.

He said he's less optimistic than the IEA, but if the report turns out correct, it would be good news for Houston.

"It's going to be a continued boom for the Houston economy in terms of oil development and capital development," Hirs said.

The IEA expects the United States to surpass oil exports from Russia and catch up with Saudi Arabia by 2024.

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