Let it flow
U.S. to Be World’s Top Oil Producer in 5 Years, Report Says
By ELISABETH ROSENTHAL, NYT
The United States will overtake Saudi Arabia as the world’s leading oil producer by about 2017 and will become a net oil exporter by 2030, according to a new report released on Monday by the International Energy Agency.
That increased oil production, combined with new American policies to improve energy efficiency, means that the United States will become “all but self-sufficient” in meeting its energy needs in about two decades — a “dramatic reversal of the trend” in most developed countries, the report says.
“The foundations of the global energy systems are shifting,” said Fatih Birol, chief economist at the Paris-based organization, which produces the annual World Energy Outlook, in an interview before the release. The agency, which advises industrialized nations on energy issues, had previously predicted that Saudi Arabia would be the leading producer until 2035.
The report also predicted that global energy demand would grow by 35 percent to 46 percent between 2010 and 2035, depending on whether policies that have been proposed are actually put in place. Most of that growth will come from China, India and the Middle East, where the consuming class is growing rapidly. The consequences are “potentially far reaching” for global energy markets and trade, the report said.
(More here.)
The United States will overtake Saudi Arabia as the world’s leading oil producer by about 2017 and will become a net oil exporter by 2030, according to a new report released on Monday by the International Energy Agency.
That increased oil production, combined with new American policies to improve energy efficiency, means that the United States will become “all but self-sufficient” in meeting its energy needs in about two decades — a “dramatic reversal of the trend” in most developed countries, the report says.
“The foundations of the global energy systems are shifting,” said Fatih Birol, chief economist at the Paris-based organization, which produces the annual World Energy Outlook, in an interview before the release. The agency, which advises industrialized nations on energy issues, had previously predicted that Saudi Arabia would be the leading producer until 2035.
The report also predicted that global energy demand would grow by 35 percent to 46 percent between 2010 and 2035, depending on whether policies that have been proposed are actually put in place. Most of that growth will come from China, India and the Middle East, where the consuming class is growing rapidly. The consequences are “potentially far reaching” for global energy markets and trade, the report said.
(More here.)
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