2019-03-25 17:30:00 Mon ET
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America seeks to advance the global energy dominance agenda by toppling Saudi Arabia as the top oil exporter by 2024. The International Energy Agency (IEA) now forecasts that U.S. crude oil exports will double to 9 million barrels per day by 2024. This U.S. crude oil production surpasses Russian shipments and may eventually overtake Saudi exports. The same IEA report shows that global oil demand can grow by 1.2 million barrels per day year-in-year-out through 2024. In recent times, U.S. State Secretary Mike Pompeo meets with top oil executives to help the Trump administration boost oil exports to Asia with draconian economic sanctions on Iran in the form of crude oil embargoes. The outreach represents a significant new effort to attain American energy dominance that helps enhance the economic prospects of U.S. oil and natural gas. This effort wins success and support from China, Japan, and South Korea with more purchases of U.S. oil and gas units.
In contrast to greater U.S. crude oil production, Saudi Arabia seeks to drain global supply glut to support higher oil prices by cutting oil exports to 7 million barrels per day while the Saudi oil output remains well below 10 million barrels per day.
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