U.S. oil output is poised to surpass Saudi Arabiaâ€™s in the next decade, making the worldâ€™s biggest fuel consumer almost self-reliant and putting it on track to become a net exporter, the International Energy Agency said.
Growing supplies of crude extracted through new technology including hydraulic fracturing of underground rock formations will transform the U.S. into the largest producer for about five years starting about 2020, the Paris-based adviser to 28 nations said today in its annual World Energy Outlook. The U.S. met 83 percent of its energy needs in the first six months of this year, according to the Energy Department in Washington.
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