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United States is to become World’s biggest oil producer before 2020

Thanks to rising production of oil, shale gas and bio-energy, the United States will become World’s largest oil producer before 2020, poised to surpass Saudi Arabia. U.S currently imports more or less 20% of its total energy requirements, it will be self-reliant in net terms by 2035.

New fuel‐efficiency plans to curb US oil demand will make North America a net oil exporter around 2030, based on International Energy Agency is out with its new World Energy Outlook . “The United States, which currently imports around 20 percent of its total energy needs, becomes all but self- sufficient,” the IEA said. That’s “a dramatic reversal of the trend seen in most other energy-importing countries.”

“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.

“Growth in oil consumption in emerging economies, particularly for transport in China, India and the Middle East, more than outweighs reduced demand in the OECD, pushing oil use steadily higher,” the IEA said.

Some Highlights:

1. Oil demand will increase by 14% between now and 2035.
2. Oil demand will reach 99.7-million barrels per day (bpd).
3. Oil prices will rise $125 barrels by 2035 ($215 in nominal terms)
4. Non-Opec oil supply should reach 53-million bpd (mbpd) after 2015 (from 49 mbpd in 2011)
5. U.S. to become biggest oil producer by 2017.
6. U.S. overtake Russia as top gas producer by 2015.
7. Saudi Arabian oil output would be 10.9 million bpd by 2015, 10.6 million bpd in 2020 but would rise to 12.3 million bpd by 2035.
8.  Saudi Arabia pumped 9.8 million barrels of oil a day last month, whereas U.S. output was 6.7 million barrels a day last week.

US oil and gas production

US oil and gas production

Share of global energy demand

Middle East oil export by destination

Change in power generation, 2010-2035

Energy expenditure in 2035

About the AuthorProfessional

Amarendra is the Chief Executive Officer and Editorial Director at CEOWORLD Magazine, and is responsible for all business management, company operations, finance, and social advertising operations.

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