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View Diary: Overnight News Digest 11/15/2013 (47 comments)

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  •  US top oil producer by 2015 (8+ / 0-)

    Bloomberg: U.S. to Be Top Oil Producer by 2015 on Shale, IEA Says

    The U.S. will surpass Russia and Saudi Arabia as the world’s top oil producer by 2015, and be close to energy self-sufficiency in the next two decades, amid booming output from shale formations, the IEA said.

    Crude prices will advance to $128 a barrel by 2035 with a 16 percent increase in consumption supporting the development of so-called tight oil in the U.S. and a tripling in output from Brazil, the International Energy Agency said today in its annual World Energy Outlook.

    [...]

    U.S. oil production will rise to 11.6 million barrels a day in 2020, from 9.2 million in 2012, as it taps rock and shale layers in North Dakota and Texas with the use of horizontal drilling and hydraulic fracturing, according to the IEA, a Paris-based adviser to 28 energy-consuming nations. The report didn’t specify an output level for 2015.

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