PIRA Energy, which is a part of S&P Global Platts and is widely followed by energy executives and hedge funds forecast that the oil exports from the United States would increase in such a fashion that it would topple majority of the OPEC members in terms of total exports. Thanks to shale technology, the United States, which used to be the biggest consumer and importer of oil has been turning itself into a net exporter of energy. Before last week’s G20 meeting, speaking at Warsaw, President Trump has stressed that the United States is going to become an energy dominant player in the market.

Since the crude oil export ban was removed in 2015, the total exports of the United States have been creeping higher. Since 2015, crude oil exports have more than doubled. In February this year, the United States exported about a million barrels of crude per day. Now, PIRA Energy is forecasting that the exports would rise to 2.25 million barrels per day by 2020, putting behind that of Nigeria, Kuwait, and many others. It continues to suggest that by the end of the decade, the United States would become one of the top ten exporters of crude oil.

The US still depends on imports of crude oil, having bought 7.9 million barrels per day last year. But the type of high-quality, sweet crude produced from Texas and North Dakota have a limited appetite from US refineries which run heavier grades of oil. The mismatch leads to exports of some domestic oil and continued imports from countries such as Canada and Saudi Arabia.

The forecast is not a favorable one for the oil bulls since the market has been suffering a supply glut since 2014. The North American benchmark WTI is currently trading at $44 per barrel and Brent at $2.5 per barrel premium to WTI.