It started out with a few roughnecks sinking oil wells on the frozen plains of North Dakota, but now the U.S. shale oil boom is set to upend established trade patterns and set in motion major geopolitical shifts.
Influential forecaster the International Energy Agency, has dramatically revised its oil supply predictions for the next 20 years and now expects the U.S. to overtake Saudi Arabia to become the world’s largest oil producer by 2020, the WSJ reports.
This is undoubtedly a success story for America’s wildcat drillers. The boom in the production of shale oil, driven largely by companies that nobody had heard of a few years ago, will add 3 million barrels a day to U.S. oil production by the end of this decade. That is more than the current production of Iran.
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