IEA: US to overtake Saudi Arabia in oil production

11/19/2012
With global oil demand continuing to increase, the US will replace Saudi Arabia as the world's largest oil producer about 2020, and North America will become a net oil exporter by 2030, according to the International Energy Agency. China, India, and the Middle East will account for 60% of a 30% increase in global energy demand between now and 2035, IEA projects in its World Energy Outlook 2012. By 2035, almost 90% of Middle Eastern oil flows to Asia in IEA's projection. "The global energy map is changing, with potentially far-reaching consequences for energy markets and trade," IEA says. The outlook projects an increase in worldwide oil demand to 99.7 million b/d in 2035 from 87...
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