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US to become world's biggest oil producer: IEA

Published on Nov 12, 2012 6:23 PM
 
Oil tankers are anchored near the Port of Long Beach, California, US, on Thursday, Dec 31, 2009. The United States is to become the world's top producer around 2020, the International Energy Agency (IEA) said on Monday, overtaking Saudi Arabia until the middle of that decade. --PHOTO: BLOOMBERG

PARIS (AFP) - The United States is to become the world's top producer around 2020, the International Energy Agency (IEA) said on Monday, overtaking Saudi Arabia until the middle of that decade.

"The recent rebound in US oil and gas production ... is spurring economic activity ... and steadily changing the role of North America in global energy trade," the agency said in its annual outlook on the energy markets of tomorrow.

The IEA also said that the price of oil will reach US$125 (S$153) a barrel in 2035, up from the current price of about US$107.

Driven by an increased demand from emerging nations, the forecast was an increase from US$120 predicted a year ago, the energy watchdog said.