A shale-oil boom will thrust the U.S. ahead of Saudi Arabia as the world's largest oil producer by 2020, a radical shift that could profoundly transform not just the world's energy supplies but also its geopolitics, the International Energy Agency said.
The U.S. will overtake Saudi Arabia as the world's largest oil producer by 2020 due to a boom in shale oil. How will that impact global energy supplies and geopolitics? Liam Denning reports on the Markets Hub.
In its closely watched annual World Energy Outlook, the IEA, which advises industrialized nations on their energy policies, said the global energy map "is being redrawn by the resurgence in oil and gas production in the United States."
The assessment, released Monday, contrasts with last year, when it envisioned Russia and Saudi Arabia vying for the top position.
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