Tag: US: Major oil exporter

NOVANEWS RT  The US may transform into one of the world’s top oil exporters in only a few short years due to its production increase of shale oil, an energy consulting group says. The consultancy PIRA energy group has released a new forecast relating to the current boom of US shale oil production. The group has estimated that by 2020, US crude exports will rise to 2.25 million barrels a day. This means the production would grow to four times the amount of what was produced last year. The recent uptick of crude production in the US looks to weaken the strength of OPEC exporting countries, according to CNN Money. This boom would put the US almost on the same level as giant oil exporters such as Kuwait and the United Arab Emirates. Jenna Delaney, an analyst at PIRA, said that “in the years...