The US is set to become the ‘undisputed world leader in oil and gas’ after an unprecedented boom in domestic production.
The country has revolutionised its oil and gas industry over the past decade to become less dependent on foreign imports.
Experts now predict its output will grow by 8m barrels per day by 2025, the strongest growth by any country in the history of crude markets.
They believe that by the late 2020s, the US will be exporting more oil than it imports.
In the International Energy Agency annual report, experts note that the US shale oil industry has managed to survive the fall in oil prices since 2014, confounding expectations.
But the IEA cautioned: ‘Even with the extraordinary move to a net export position, the health of the US energy economy remains intricately linked with those of its neighbours in North America.’
Despite concern that oil demand is set to peak, IEA said demand will keep rising until 2040.