US to be net oil exporter within a decade: IEA

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The US would become a net oil exporter within a decade, for the first time since the 1950s, because of shale revolution driven by driven by advancements in drilling and fracking technology says International Energy Agency.

The agency expects the oil production grow in an unparalleled manner between 2010 and 2025, surpassing even the growth that Saudi Arabia saw between 1960s and 1970s.

IEA estimates that US would overtake Qatar to become the biggest LNG exporter by the mid-2020s, and surpass Saudi Arabia and Russia to be the largest net oil exporter by 2027.

This growth will have ramifications across the world such as the country not  being much impacted by policies of oil cartel OPEC.

“Expansion on this scale is having wide-ranging impacts within north America, fuelling major investments in petrochemicals and other energy-intensive industries. It is also reordering international trade flows and challenging incumbent suppliers and business models,” the report said.

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