Friday, November 16, 2012
The U.S. will become the world’s biggest oil producer before 2020 and will be energy independent 10 years later, it has been predicted.
The International Energy Agency (IEA) said that a resurgence in oil and gas production, coupled with improvements to the transport system, are gradually reshaping the energy market in the U.S.
It is expected this boost in North America’s oil production will lead to a change in the direction of international oil trade towards Asia.
Global energy demand is expected to increase by more than a third by 2035 – with much of the growth coming from India, China and the Middle East.