CNN: Look out, OPEC! U.S. to become top 10 oil exporter by 2020
U.S. oil production is booming. The next step: conquering the export market.
Increased shale production will transform the U.S. into one of the world's top oil exporters in just a few years, according to a new forecast by the consultancy PIRA Energy Group.
PIRA estimates that American crude exports will grow to 2.25 million barrels a day by 2020, a four-fold increase from 2016.
The boom would put the U.S. in roughly the same league as major oil exporters including the United Arab Emirates and Kuwait.
"In the years ahead, these developments position the U.S. to potentially be one of the 10 largest exporters of crude oil in the world," wrote analyst Jenna Delaney.
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WNU editor: This has geopolitical strategic implications far beyond OPEC. Europe is dependent on energy supplies from Russia .... a dependent and reliable source from the U.S. will be a counterweight to Russia and the "strings" that it puts on its contracts. Then there is Asia .... cheaper oil and energy prices are a Godsend to the growth of their economies.
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