U.S. to Outproduce Saudi Arabia and Russia by 2017

“(Reuters) – The United States will overtake Saudi Arabia and Russia as the world’s top oil producer by 2017, the West’s energy agency said on Monday, predicting Washington will come very close to achieving a previously unthinkable energy self-sufficiency.

The forecasts by the International Energy Agency (IEA), which advises large industrialized nations on energy policy, were in sharp contrast to previous IEA reports, which saw Saudi Arabia remaining the top producer until 2035.

“Energy developments in the United States are profound and their effect will be felt well beyond North America – and the energy sector,” the IEA said in its annual long-term report, giving one of the most optimistic forecasts for U.S. energy production growth to date.”