U.S. seen to overtake Saudi Arabia as world’s biggest oil producer

Windsor Genova – Fourth Estate Cooperative Contributor

Paris, France (4E) – The U.S. may become the world’s biggest oil producer surpass Saudi Arabia by 2017 and may no longer need to import crude oil by 2035, according to a forecast of the International Energy Agency (IEA).

The IEA said in its World Energy Outlook 2012 released Monday that the U.S. also will have greater natural gas production and may surpass Russia as the world’s top producer of natural gas by 2015 due to the country’s increased shale gas output, new exploration technology and efficient use of energy.

By 2018, the U.S. may start exporting natural gas and by 2035, it may increase natural gas production by 29 percent, said the IEA report.

At present, the U.S. imports 20 percent of its energy needs, according to IEA.

The IEA predicted that Saudi Arabia will reclaim the title of the world’s top oil exporter by 2035 when demand in Asia grows. In the same year, it said Iraq may become the world’s second largest oil exporter by supplying 45 percent of the world’s demand bumping Russia off from that spot.

The World Energy Outlook 2012 indicated that the price of oil in the world market will stay around $100 per barrel until 2035.

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