2020: Year the U.S. is projected to overtake Saudi Arabia as the world's largest oil producer
A new report released by the International Energy Agency (IEA) predicts that the
United States is moving closer to energy self-sufficiency. The report projects that the U.S. will overtake Saudi Arabia as the world's largest oil producer by 2020. Such a shift, much of it due to a boost in the production of shale oil, will transform not only energy supplies, but also geopolitics and economics. An increase in U.S. energy production could improve the country's current account deficit, and likely benefit the U.S. dollar...
Sources: International Energy Agency, 2012; MarketWatch, "U.S. set to overtake Saudi in oil output: IEA," 11/12/2012; BlackRock, 11/2012
Prepared by BlackRock
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