U.S. oil output growth is expected to slow over the next five years, likely prompting oil majors to "gobble up" smaller shale oil producers, Mark Papa told Reuters.
Speaking during the opening day of IPTC, Bahrain Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa also said he sees producers challenged by rising energy demand in the future.
Imports averaged 10.12 million bbl/d, an increase of 882,000 bbl/d.
In recent weeks, oil shipments have often surpassed Houston and Beaumont, Texas.
For the week ahead, Stratas Advisors expect prices to be generally range-bound, supported by the upcoming signing of the U.S.-China Phase One trade deal.
China, which is increasing its influence in the region and buys 50%-70% of Iranian oil exports, would be opposed to any interruption of energy flows through the Strait of Hormuz.
Refining sector is primed for investment, says agency, but the country will be more vulnerable to supply disruptions.
The homegrown energy boom in the U.S. has reduced its vulnerability.
The global oil market is expected to be well-supplied in 2020 and demand growth could stay weak, keeping a lid on oil prices, the head of the IEA told Reuters on Jan. 10.