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US set to be largest oil producer
Source: Bloomberg News |
November 13, 2012, Tuesday
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Print Edition
THE United States will surpass Saudi Arabia in oil production in the next decade, making the world's biggest consumer almost self-reliant in energy, according to the International Energy Agency.
Growing supplies of crude extracted from underground rock formations will transform the US into the world's largest oil producer by about 2020, lasting until the middle of that decade, the Paris-based adviser said in its annual World Energy Outlook yesterday, which projects energy trends to 2035. New domestic sources will curb imports and turn North America into a net exporter by about 2030.
"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 US met 83 percent of its energy needs in the first six months of this year, on track to be the highest annual level since 1991, according to Energy Department data. Rising domestic production cuts the country's dependence on foreign oil and insulates it from supply disruptions abroad. The European Union banned oil imports from Iran in July over the nation's nuclear program, reducing shipments from a country that was until then the second-biggest producer in OPEC.
Global demand for oil is projected to rise to 99.7 million barrels a day in 2035, up from 87.4 million last year, according to IEA, which advises 28 industrialized nations including the US, Germany and Japan.
Efforts to promote energy efficiency are "disappointingly slow," and falling short of their economic potential, the agency said. Increased energy-saving measures could cut worldwide oil demand by almost 13 million barrels a day by 2035, or the combined output of Russia and Norway.
Growing supplies of crude extracted from underground rock formations will transform the US into the world's largest oil producer by about 2020, lasting until the middle of that decade, the Paris-based adviser said in its annual World Energy Outlook yesterday, which projects energy trends to 2035. New domestic sources will curb imports and turn North America into a net exporter by about 2030.
"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 US met 83 percent of its energy needs in the first six months of this year, on track to be the highest annual level since 1991, according to Energy Department data. Rising domestic production cuts the country's dependence on foreign oil and insulates it from supply disruptions abroad. The European Union banned oil imports from Iran in July over the nation's nuclear program, reducing shipments from a country that was until then the second-biggest producer in OPEC.
Global demand for oil is projected to rise to 99.7 million barrels a day in 2035, up from 87.4 million last year, according to IEA, which advises 28 industrialized nations including the US, Germany and Japan.
Efforts to promote energy efficiency are "disappointingly slow," and falling short of their economic potential, the agency said. Increased energy-saving measures could cut worldwide oil demand by almost 13 million barrels a day by 2035, or the combined output of Russia and Norway.
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