Saudi Arabia is a key oil supplier to India and exported 36.8 million tons of crude to Indian refiners in the year ended March 2018, accounting for 16.7 percent of their total purchases, according to the statement.
America will add 4m barrels per day (bpd) of oil, mostly from the prolific Permian Basin in Texas.
Oil prices have been receiving broad support this year from supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russian Federation aimed at tightening markets.
"Annual gains will boost the U.S. to levels never seen in any country, in excess of maximum capacity in both Russian Federation and Saudi Arabia", said the IEA in its five-year.
Oil prices rose on Tuesday, supported by signs of tightening global supply after a Saudi official said the kingdom plans to cut oil exports in April, while a power outage in Venezuela reduced crude exports from the country. The group, known as OPEC+, agreed to reduce supply by 1.2 million bpd for six months.
In its annual oil outlook, the agency forecast rapid growth of American oil supplies to the global market in the next five years, as output from the country's shale fields continues to surge. Now comes word that OPEC and its allies plan in April to keep its oil output well below the level pledged as part of its original deal.
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India has raised concerns about the rising price of crude oil during a meeting with Minister of Energy, Industry and Mineral Resources of Saudi Arabia and Chairman of Saudi Aramco, Khalid A Al-Falih.
A host of involuntary supply curbs in OPEC members, caused by unrest in Libya and US sanctions on Iran and Venezuela, have also boosted prices.
Export of crude from Venezuela goes down due to massive power outage.
USA oil output, including natural gas liquids and other hydrocarbons, will climb to 19.6 million bpd by 2024 from 15.5 million a year ago, the Paris-based agency said.
While OPEC members agreed to cut about 800,000 barrels, their non-OPEC allies led by Russian Federation resolved to cut their output by 400,000 barrels, in a bid to strengthen crude oil prices, tighten and stabilize the crude oil market.
"Ongoing trade disputes between major powers and a disorderly Brexit could lead to a reduction in the rate of growth of worldwide trade and oil demand", the IEA said in its medium-term oil-market report, which covers the period to 2024.