The International Energy Agency's World Energy Outlook (WEO) says the US could overtake Russia and Saudi Arabia before 2020 to become the world's largest oil producer.
The WEO finds that the extraordinary growth in oil and natural gas output in the United States will mean a sea-change in global energy flows. In the New Policies Scenario, the WEO's central scenario, the United States becomes a net exporter of natural gas by 2020 and is almost self-sufficient in energy, in net terms, by 2035.
North America emerges as a net oil exporter, accelerating the switch in the direction of international oil trade, with almost 90 percent of Middle Eastern oil exports being drawn to Asia by 2035, the report said.
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