LONDON – The United States will replace Saudi Arabia as the world’s top producer of oil by 2020, the International Energy Agency (IEA) report has said.
The agency said that the reason for this was the big growth and development in the US of extracting oil from shale rock.
This has enabled the US to gain significantly more extractable oil resources, it said,
As a result, the IEA predicts the US will become “all but self-sufficient” in its energy needs by around 2035, the BBC reports.
According to the report, the IEA predicts that the US will be producing 11.1 million barrels per day by 2020, compared with 10.6 million from Saudi Arabia.
Currently the US imports about 20 percent of its total energy needs.
The IEA also expects that the US will overtake Russia as the word’s biggest gas producer by 2015.
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