Mubasher: The US is expected to drive the majority of growth in the world’s oil output until 2024, a report released by the International Energy Agency (IEA) showed Monday.

The US will make up 70% of the total increase in global oil capacity over the next five years by adding four million barrels per day (bpd), following the rise of 2.2 million bpd in 2018, IEA’s oil 2019 report noted.

“The second wave of the US shale revolution is coming,” IEA’s executive director Fatih Birol said in the report.   

In addition, the US will account for 75% of the growth in global liquefied natural gas (LNG) trade until 2024.

“This will shake up international oil and gas trade flows, with profound implications for the geopolitics of energy,” Birol added.

The US will likely become a net oil exporter by 2021, raising its gross oil exports to 9 million bpd, overtaking Russia and drawing closer to Saudi Arabia, the world's largest crude exporter, by the end of 2024.  

The world's oil demand is projected to grow to 106.4 million bpd in 2024, compared to 99.2 million bpd in 2018, the IEA added.