IEA: U.S. oil production will top Saudi Arabia’s by 2016

The U.S. will pass Saudi Arabia as the world’s No. 1 oil producer by 2016, the International Energy Agency said Tuesday in its annual report. Rising output from Brazil also helps reduce the role of OPEC nations, the Paris-based agency said.

Last month, the Department of Energy’s Energy Information Administration said the U.S. would end this year as the world’s largest producer of petroleum and natural gas, surpassing Russia and Saudi Arabia. U.S. and Russian energy production have been roughly the same in the past two years.

The IEA, in turn, moved its prediction up a year: in last year’s annual report, the agency forecast the U.S. would surpass Saudi Arabia as largest producer by 2017.

The report also said global energy demand is set to rise by one-third by 2035, with demand coming mostly from Asia.

Source of information>>

More information>>