Another wave of U.S. shale revolution to shake up energy landcape: IEA chief

The second wave of U.S. shale revolution is coming and it will shake up the international Oil and gas trade flow, the chief of International Energy Agency (IEA) said Monday.

Fatih Birol, executive director of IEA, said at a press conference at the CERAWeek by IHS Markit that the United States led the growth in global Oil production and it is expected to provide as much as 70 percent of increase in global Oil supply in the next five years.

According to the IEA chief, U.S. growth of export of Oil will nearly double in today's level to 9 million barrels a day by 2024. "By doing so, we expect it to overtake exports from Russia and come very close to export of Saudi Arabia which is the biggest Oil exporter today," he said.

Furthermore, according to the "Oil 2019: Analysis Forecast to 2014" outlook, released by IEA at the press conference, the United States will provide 75 percent of increase in global natural gas supply by 2024.

The 38th CERAWeek kicked off Monday in Houston, the fourth largest city in the United States, with the IEA press conference.

CERAWeek is an annual energy meeting held by the London-based information company IHS Markit featuring prominent speakers from energy, technology and financial sectors. This year's meeting was attended by more than 4,500 guests from over 70 countries and regions.

There is a special dialogue on China as well as several discussions designed to focus on Asian and Chinese energy market since China has become one of the largest energy consumption economies in the world. Chinese industry leaders, including China National Petroleum Corporation, Sinopec and Shanghai Petroleum, will participate in the discussions.