IEA: U.S. to Become World's Biggest Oil Producer

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The United States is to become the world's top oil producer around 2020, the International Energy Agency said on Monday, overtaking Saudi Arabia until the middle of that decade.

"The recent rebound in U.S. oil and gas production ... is spurring economic activity ... and steadily changing the role of North America in global energy trade," the agency said in its annual outlook on the energy markets of tomorrow.

It also said the price of oil will reach $125 a barrel in 2035, up from the current price of about $107.

Driven by an increased demand from emerging nations, the forecast was an increase from $120 predicted a year ago, the OECD-linked energy watchdog said in the assessment of the energy markets.

As for the global thirst for oil, it will show few signs of abating over the next two decades driven by demand from emerging nations, the IEA said.

Oil demand will increase by 14 percent between now and 2035 to reach 99.7 million barrels a day, the watchdog added.

Comments 7
Thumb tfeh 12 November 2012, 14:46

mabrouk! Ba3ed ma kharabto el dene betssiro # 1

Missing realist 13 November 2012, 09:14

the rest of the report says that KSA will be the top in 2035 lol tuq moot haha

Missing realist 12 November 2012, 19:12

So much for US decline. A strong US is better for the world than a strong russia or china. Spare me your comments, all of you want a visa to america not to beijing.

Missing mmckinl 12 November 2012, 21:37

There is no way that the US will become the top oil producer. The hydro carbons being developed now are poor in energy, hard to get to, smaller in scale and the wells deplete in the matter of just a very few years ...

The deposits, as always, are being developed using the "sweet spots" first leaving poorer and poorer quality resources for the future. It will take more and more money and more wells just to maintain production.

As we have seen in just the last few years this higher cost oil pushes through higher costs for food and the economy, in general causing stagnation then contraction.

Believe these reports of ever more oil at your own peril. The fact is that all the major deposits of conventional oil have been discovered and are "mature", close to depletion overtaking new production. The US reached conventional"peak oil" in 1971 and has never regained that level.

Missing sikoflebanon 13 November 2012, 00:36

omg where did you get all this nonsense from???

Missing mmckinl 13 November 2012, 02:47

The Oil Drum ...

"His forecasts for future petroleum production are now much more pessimistic than those published by the IEA. He expects stronger tensions as of 2013, and an inevitable overall decline of oil production "somewhere between 2015 and 2020", in the following interview."

I suggest you check out The Oil Drum, and take a crash course in "Peak Oil Theory". We won't run out. Our ability to keep pumping as much will drop creating a liquid fuels crisis.

Default-user-icon Simon Hokayem (Guest) 13 November 2012, 23:41

and maybe the only one!