The US will overtake Saudi Arabia and Russia to become the world’s largest global oil producer by the second half of this decade, according to the International Energy Agency, as the shale revolution redraws the global energy landscape.
The agency’s latest World Energy Outlook said the US could be almost self-sufficient in energy by 2035, marking “a dramatic reversal of the trend seen in most other energy-importing countries”. It said the US would overtake Russia as the largest gas producer by 2015.
The resurgence in US oil and gas production, it said, was spurring economic activity “with less expensive gas and electricity prices giving [US] industry a competitive edge”. Last week, a Germany industry lobby group warned that US companies are enjoying a rising advantage in energy costs.