Price of oil

The age of American oil

Illustration of an American flag with oil barrels instead of stars
Illustration: Rebecca Zisser/Axios

The U.S. has taken the global oil market by storm — becoming the world's largest oil producer in 2018 and on track to surpass Russia and perhaps even Saudi Arabia to become the world's top exporter by 2024.

Why it matters: Thanks to the end of a 40-year-old crude oil export ban signed by President Obama, a shale boom and a host of geopolitical sea changes, the U.S. is poised to reshape the global oil market over the next 10 years and beyond.

U.S. projected to "dominate" oil supply growth over next five years

The U.S. will account for the largest share of global oil production increases over the next five years, according to an International Energy Agency report released Monday.

Data: IEA; Chart: Naema Ahmed/Axios
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