Investing.com - The U.S. is set to become the undisputed leader among global oil producers as the shale boom becomes the biggest supply surge in history, the International Energy Agency said Tuesday.
Technological advances that have enabled production from U.S. shale oilfields to boom will lead to growth of 8 million barrels a day between 2010 and 2025, the agency said in its annual World Energy Outlook.
The boom will turn the U.S., still among the largest oil importers, into a net exporter of fossil fuels.
While oil prices have recovered to a two-year high above $60 a barrel, they’re still about half the level traded earlier this decade as soaring U.S. output fed into a global supply glut.
Efforts by the Organization of Petroleum Exporting Countries and Russia to hold back about 1.8 million barrels per day in oil production have helped to tighten the market in the second half of the year.