The United States will lead oil-supply growth by 2024. The US will export more oil than Russia and will close in on Saudi Arabia – which will bring greater diversity of supply in markets.
The US is joined by Brazil, Iraq, Norway, the UAE and Guyana as the biggest sources of supply growth. Iran and Venezuela are forecast to post the deepest losses, though the outlook could change dramatically depending on political factors.
World oil demand growth remains solid, although the pace of growth is slowing. China’s growth slows while India’s demand remains robust, and by 2024 the forecast is that India’s annual volume growth will equal China’s.
You can read more key findings here.