The United States will drive global oil supply growth over the next five years, adding another 4 million barrels per day to the country’s already booming output, the International Energy Agency said on Monday. U.S. oil output, including natural gas liquids (NGLs) and other hydrocarbons, will climb to 19.6 million bpd by 2024 from 15.5 million last year, the Paris-based agency said. Gross crude exports will double, leading to greater competition especially in the Asian market. Crude output in the United States will rise nearly 2.8 million bpd, growing to 13.7 million bpd in 2024 from just under 11 million bpd in 2018, the IEA said. Global oil demand growth is set to ease as China slows, but will still rise by an annual average of 1.2 million bpd to 2024 when it will reach 106.4 million bpd. Even so, the IEA does not expect moves such as greater adoption of electric cars to put a cap on demand growth yet. Goldman Sachs has said oil demand could peak by 2024 under some circumstances. “The IEA continues to see no peak in oil demand, as petrochemicals and jet fuel remain the key drivers of growth, particularly in the United States and Asia. Reuters