International Energy Agency says US oil production between 2010 and 2025 will grow at a rate unparalleled in historyThe shale revolution in north America means the US is destined to become a net oil exporter within 10 years, for the first time since the 1950s. “The US is becoming an undisputed global leader in oil and gas production. Today, global oil production is dominated by Russia, the US and Opec members, in particular Saudi Arabia. The IEA’s best estimate is that the US then becomes a net oil exporter around 2027, slightly later than the US government’s forecast of 2026. But the energy watchdog noted that the US would not be on track to become a net oil exporter were it not for vehicle fuel economy standards set by Barack Obama.

Source: The Guardian November 14, 2017 00:00 UTC