The United States is set to become the largest oil producer in the world, according to a forecast by the International Energy Agency (IEA) Monday.
“By around 2020, the United States is projected to become the largest global oil producer (overtaking Saudi Arabia until the mid-2020s) and starts to see the impact of new fuel-efficiency measures in transport,” the IEA said in a report titled, “World Energy Outlook 2012.”
This means that the United States will experience a “continued fall” in oil imports, and North America will become a net oil exporter by around 2030, according to the report. It also means that the United States will become “all but self-sufficient in net terms” in the meantime.
The IEA also predicted that the world’s energy demand will swell by between 35 and 46 percent between 2010 and 2035. India, China, and the Middle East will lead the uptick in demand, accounting for 60 percent of the increase.
Iraq, which has some of the largest known oil reserves in the world, is making “the largest contribution by far to global oil supply growth,” the report stated.
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