The United States will surpass Russia and Saudi Arabia to become the world’s largest oil producer in 2015, the International Energy Agency (IEA) reported in its long-term energy outlook.
American energy production is skyrocketing and America’s need for oil imports will all but disappear by 2035, IEA said.
U.S. oil production, led by Texas and North Dakota, is increasing faster than anticipated as oil companies use the techniques of hydraulic fracturing and horizontal drilling to tap oil and natural gas trapped in shale rock, IEA said.
In Brazil, recently discovered offshore oil fields will triple the country's current crude oil output to six million barrels per day by 2035, making it a leading producer and exporter.
While increased oil output from North America and Brazil reduces the role of OPEC countries in supplying oil over the next decade, the Middle East will once again become a key source of oil supply growth worldwide beginning again in the mid-2020s.
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