IEA: US to overtake Saudi Arabia in oil production

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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