According to the West's Energy Agency, the United States is expected to overtake Russia and Saudi Arabia as the world's top oil producer. This is expected to happen as early as the year 2017. These reports, however, strictly contrasted with previous reports given by the International Energy Agency (IEA) which predicted that Saudi Arabia would remain as the top oil producer all the way until 2035.
In the International Energy Agency's annual long term report, they announced that the advancements in the way of energy by the United States are astounding, and that their results are expected to be felt well beyond North America and into other parts of the world. This report gives the United States one of the most optimistic forecasts that the International Energy Agency has ever given.
According to the agency, the rebound in oil and gas production that the United States has recently faced is spurring a great deal of economic activity and growth. More affordable gas and electricity is giving the industry an edge over the competition.
To be more specific about the predictions made by the International Energy Agency, they not only predict that U.S. oil imports will soon fall, but they also predict that North America will become a main exporter by 2030, and will become self sufficient by 2035. Currently, the United States imports 20 percent of its needed energy, but will soon be able to sustain itself - a trend that is opposite in most other countries that import energy.
Faith Birol, Chief Economist at the IEA, recently stated that he predicts by the year 2015, the United States will overtake Russia in oil production. By 2017, the United States is expected to become the largest producer of all. He also suggests that by 2035, the will be a greater emphasis on nautral gas than there will be on oil and coal. With that said, if there are no new resources being discovered after 2020, Saudi Arabia might steal back the title as largest producer.
Other predictions made by the IEA suggest that oil production within the United States will rise to 10 million barrels per day by the year 2015. By the year 2020, this is expected to increase to 11.1 million barrels per day. But despite the upward trend, these numbers are once again expected to drop by 2035, with the United States producing an estimated 9.2 million barrels per day.
In 2015, Saudi Arabia is expected to produce slightly more than the United States, at an estimated 10.9 million barrels per day. By 2020, the United states will overtake them, and Saudi Arabia will drop to 10.6 million barrels per day. By 2035, they are once again expected to surpass the United States, producing 12.3 million barrels per day at that time.
Read the Original Article at: http://www.nbcnews.com/business/u-s-overtake-saudi-arabia-top-oil-producer-1C6983978
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