"Taking all new developments and policies into account, the world is still failing to put the global energy system onto a more sustainable path"
- the International Energy Agency
The United States is expected to become the world's largest oil producer by 2020, even overtaking Saudi Arabia and Russia, the International Energy Agency reported Monday. Due to the growing supplies of crude extracted by unlocking hydrocarbon resources from shale, North America will become a net oil exporter by 2030, while the world's biggest economy will be almost completely self-sufficient in energy by 2035. So far, oil production in the U.S. soared 7% to 10.76 million barrels per day, compared to the previous year.
"The IEA outlook feeds into the idea of a shift in the center of influence in the world oil market," said Gareth Lewis-Davies, an analyst at BNP Paribas SA in London. "Given Saudi Arabia is willing to shift production up and down it will retain a large degree of influence, and remain important as a price-influencer."
"Taking all new developments and policies into account, the world is still failing to put the global energy system onto a more sustainable path," the IEA said.
Standard & Poor's 500 gained 0.01 per cent to 1,380.03. The Dow Jones Industrial Average lost 0.31 points to 12,815.08. The Nasdaq Composite stepped 0.02 per cent, or 0.62 points, lower to 2,904.26.
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