Increasing development of shale formations will boost the U.S. to the top of worldwide oil production within two years.
The International Energy Agency (IEA) says that U.S. oil production will top that of Saudi Arabia and Russia by 2015. The U.S. produced 9.2 million barrels of oil a day in 2012. That is expected to hit 11.6 million barrels per day by 2020. While U.S. oil output rises, Saudi and Russian oil production is expected to slide, Bloomberg notes.
By 2020, Saudi oil output will sink from a current 11.7 million barrels a day to 10.6 million barrels. Russian production will fall from 10.7 million barrels a day to 10.4 million daily barrels. The IEA did not disclose specific production levels for 2015.
The growth of U.S. oil production will be driven by shale development in Texas and North Dakota, including the use of hydraulic fracking.
However, U.S. production will level off after 2020 and the U.S. will be overtaken as the world’s largest oil produce by the 2030s, the IEA says.
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