Thfire.com Everyday news that matters The United States of America is set to become the Top Oil Producer in the world by overtaking Saudi Arabia and Russia by 2017.
This is according to a latest report by International Energy Agency (IEA).
IEA has come to this conclusion as U.S. will start tapping into it’s own oil reserves as it braces towards self-sufficiency.
The forecasts by the International Energy Agency (IEA), which advises large industrialized nations on energy policy, were in sharp contrast to previous IEA reports, which saw Saudi Arabia remaining the top producer until 2035.
“Energy developments in the United States are profound and their effect will be felt well beyond North America – and the energy sector,” the IEA said in its annual long-term report, giving one of the most optimistic forecasts for U.S. energy production growth to date.
“The recent rebound in U.S. oil and gas production, driven by upstream technologies that are unlocking light tight oil and shale gas resources, is spurring economic activity – with less expensive gas and electricity prices giving industry a competitive edge,” it added.
The IEA said it saw a continued fall in U.S. oil imports with North America becoming a net oil exporter by around 2030 and the United States becoming almost self-sufficient in energy by 2035.
“The United States, which currently imports around 20 percent of its total energy needs, becomes all but self-sufficient in net terms – a dramatic reversal of the trend seen in most other energy importing countries,” it said.
The United States will rely more on natural gas than either oil or coal by 2035 as cheap domestic supply boosts demand among industry and power generators, the IEA said.
