Permian Basin is fueling continued rise in U.S. oil exports, set to overtake Saudi Arabia's by end of 2019

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The oil boom in the Permian Basin is "perhaps the hottest" on the planet, and is the primary driver behind the United States' huge increase in production and exports in recent years, Steve LeVine reports for Axios.

The Permian Basin is producing about 4 million barrels of oil every day, which contributes to the roughly 8 million barrels (and rising) of crude oil, natural gas liquids and other petroleum products the U.S. exports every day. According to Rystad Energy, by the end of the year, the U.S. is projected to overtake Saudi Arabia's 9 million barrels of combined petroleum products exported daily, Ben Geman reports for Axios.

The U.S. will increase daily oil production by 4 million barrels by 2024, accounting for about 70 percent of global oil production growth over the next five years, according to a new report by the International Energy Agency. Most of that will be from the Permian Basin, Geman reports.

Bloomberg's Javier Blas tweeted a video of what the boom looks like up close: a miles-long stream of service vehicles and tanker trucks on US 285, which runs through the heart of the Permian Basin:

U.S. Route 285 between Orla and Pecos in Texas (Bloomberg video by Javier Blas)