Shale oil boom will enable US to overtake Saudi Arabia as the world's largest oil producer by 2020
The US shale oil boom will enable the US to overtake Saudi Arabia as the world's largest oil producer by 2020, a radical shift that could profoundly change not just the world's energy supplies, but also its geopolitics, the International Energy Agency, the energy watchdog for 28 industrialised countries including Ireland, said Monday.
A new report by Citigroup has suggested that Saudi Arabia could risk becoming a net oil importer by 2030 as a result of rapidly growing energy consumption.