North America is likely to be a net exporter of liquid fuels in the next decade, as production grows while demand in the US and Canada stagnates, according to ExxonMobil, the world’s largest listed oil company.
It is the first time the company has made the forecast, following an upward revision of its expectations for North America’s oil production as a result of the boom in shale oil from formations such as the Bakken of North Dakota and the Eagle Ford of south Texas.
Exxon predicted in its latest annual energy outlook, published yesterday, that exports of oil and related liquids from the US, Canada and Mexico would exceed imports after around 2020, thanks to rising output of shale oil, heavy crude from Canada’s oil sands, and natural gas liquids such as ethane.