US Set to Surpass Saudi Oil Output by 2020
Posted at 9:30 a.m. on Nov. 13, 2012
A new report from the International Energy Agency finds that “Growing supplies of crude extracted through new technology including hydraulic fracturing of underground rock formations will transform the U.S. into the largest producer for about five years starting about 2020,” reports Bloomberg.
“The U.S. will pump 11.1 million barrels of oil a day in 2020 and 10.9 million in 2025, the IEA said. Those figures are 500,000 barrels a day and 100,000 barrels a day higher, respectively, than its forecasts for Saudi Arabia for those years. The desert kingdom is due to become the biggest producer again by 2030… U.S. oil imports will drop to about 4 million barrels a day in 10 years from a current average of 10 million because of new production and stricter fuel-efficiency standards for cars and trucks, which will curb demand.”