The United States will overtake Saudi Arabia to become the world's biggest oil producer before 2020, and will be energy independent 10 years later, according to a new forecast by the International Energy Agency (IEA), CNNMoney reported.
The recent resurgence in oil and gas production and efforts to make the transport sector more efficient are radically reshaping the nation's energy market, reported Paris-based IEA in its World Energy Outlook.
North America would become a net exporter of oil around 2030, according to the report.
"The United States, which currently imports around 20 percent of its total energy needs, becomes all but self-sufficient in net terms -- a dramatic reversal of the trend seen in most other energy importing countries," the IEA stated. Read more.