In its annual energy outlook report, the U.S. Energy Information Agency (EIA) said the United States would become a net exporter of energy next year, for the first time in 70 years, as its crude oil and gas production increased and domestic demand decreased.

The EIA also predicts that U.S. crude oil output will increase year by year in the next decade, setting a new record. Until 2027, U.S. crude oil production growth will stabilize.

EIA’s annual energy outlook report is a forecast of the energy situation in the next 50 years. In last year’s annual outlook report, the EIA predicted that the United States would become a net energy importer in 2022, which was two years ahead of schedule in this year’s report. In the EIA annual report of 2017, the EIA predicts that the United States will not achieve net energy imports until 2026. According to EIA data, the United States has been a net energy importer since 1953.

According to the report, in the fourth quarter of 2020, U.S. crude oil and petroleum products exports will exceed imports, and its total net exports of crude oil and refined products will reach 1.2 million barrels a day. But by the end of the 50-year period, due to the needs of economic development, the U.S. crude oil imports will again exceed exports.

EIA data show that in 2018, the average U.S. crude oil production reached 10.9 million barrels per day, breaking the 1970 record of 9.6 million barrels per day. EIA predicts that when U.S. crude oil production reaches 14 million barrels per day, U.S. crude oil production will remain above that level until 2040.

In 2017, the United States became a net exporter of natural gas. EIA predicts that future U.S. natural gas exports will continue to grow, mainly due to increased LNG shipments. From 2018 to 2020, U.S. natural gas exports will increase by more than 50%, of which LNG exports will increase from 3 billion cubic feet a day to 6.8 billion cubic feet.

EIA predicts that the United States will remain a net exporter of coal by 2050, but because of competition from other countries, U.S. coal shipments will not increase.

At the end of November last year, the United States briefly realized net exports of crude oil and refined oil. EIA data showed that in the week of November 30, U.S. crude oil exports reached an all-time high, becoming net exporters for the first time in 75 years, and the new EIA forecast means that this phenomenon will become normal in 2020.

Increasing U.S. crude oil production will also put greater pressure on OPEC+. OPEC + will have to extend production reduction plans to stabilize supply and demand in the crude oil market.

EIA data show that in 2018, the average U.S. crude oil production reached 10.9 million barrels per day, breaking the 1970 record of 9.6 million barrels per day. EIA predicts that when U.S. crude oil production reaches 14 million barrels per day, U.S. crude oil production will remain above that level until 2040.

In 2017, the United States became a net exporter of natural gas. EIA predicts that future U.S. natural gas exports will continue to grow, mainly due to increased LNG shipments. From 2018 to 2020, U.S. natural gas exports will increase by more than 50%, of which LNG exports will increase from 3 billion cubic feet a day to 6.8 billion cubic feet.

EIA predicts that the United States will remain a net exporter of coal by 2050, but because of competition from other countries, U.S. coal shipments will not increase.

At the end of November last year, the United States briefly realized net exports of crude oil and refined oil. EIA data showed that in the week of November 30, U.S. crude oil exports reached an all-time high, becoming net exporters for the first time in 75 years, and the new EIA forecast means that this phenomenon will become normal in 2020.

Increasing U.S. crude oil production will also put greater pressure on OPEC+. OPEC + will have to extend production reduction plans to stabilize supply and demand in the crude oil market.