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May 23, 2019 

“These are times of extraordinary change for the oil industry. Everywhere we look, new actors are emerging and certainties of past years are fading." 

- Fatih Birol, Executive Director, IEA

The United States will lead oil-supply growth over the next six years, thanks to the incredible strength of its shale industry, triggering a rapid transformation of global oil markets. By 2024, the United States will export more oil than Russia and will close in on Saudi Arabia – a pivotal milestone that will bring greater diversity of supply in markets.

Meanwhile product markets are on the eve of one of the biggest shakeups ever seen, with the implementation of the International Maritime Organisation’s new rules governing bunker fuel quality in 2020. Read more