12 November 2012 21:35 [Source: ICIS news]
HOUSTON (ICIS)--The US will overtake Saudi Arabia as the world’s largest oil producer by 2020 because of the unconventional oil reserves, an energy organisation said on Monday.
Natural gas demand will increase by 50% to 5 thousand billion cubic metres in 2035. Nearly half of the increase in production is from unconventional gas, with most of it in the US, Australia and China, the outlook said.
According to the IEA, North America emerges as a net oil exporter by 2035, switching the direction of international oil trade as 90% of Middle Eastern oil exports will be drawn to Asia.
“North America is at the forefront of a sweeping transformation in oil and gas production that will affect all regions of the world, yet the potential also exists for a similarly transformative shift in global energy efficiency,” said IEA executive director Maria van der Hoeven.
Furthermore, the outlook showed global energy demand will expand by 7m bbl/day to exceed 99m bbl/day by 2035 with China, India and the Middle East making up 60% of the growth.
“While the oil market is falling on fears of slowing growth and the possibility of going of the fiscal cliff in a barrel, long term, the outlook for the US energy industry is looking better all the time,” said Phil Flynn, an analyst with Price Futures Group.
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