Unites States will be incoming leader in global world energy production, found by the World Energy Outlook report. United States have aimed to bring more efficiency and high volume energy production through renewable energy sources. According to World Energy Outlook report, US sets to be top oil producer in 2017 and leading production of natural gas will be also in this region. This credit goes to deepwater production and hydraulic fracturing.
In United States, Fracking production and deepwater energy production methods were seen as two disputed methods. In deepwater production method, the oil extracted are drilled through the process of drilling in oceans, while Fracking is a process in which pressurized fluid make the fractures in rock layers. Basically, IEA is a French organization which deals with maintaining of energy security. The world energy outlook report serves to as drawing the latest policy developments and analysis of sights through data delivered in energy trend market security, trends, economic development, environmental protection etc.
Currently, Russia and Saudi Arabia are going ahead of US energy production and it has been calculated and stated in IEA report that 20 percent of energy is imported in United States. Unites will become self-sufficient in energy production till 2035 and that goal will be achieved which was pursued by seven United States presidents. Although 20 percent of energy requirements are fulfilled through imports, still United States is self sufficient in net terms- a mathematical reversal of trend which have been seen in many countries which are importers of the energy.
According to US predictions for 2020, the US imports of oil will be decreased from 10 million to 4 million barrels per day and production of oil will be increased to 11.1 million, while its current production is 8.1 million in 2012. WEO report has revealed that Middle East will suffer from reduced production of oil as compared to their current production level of 11.1 million barrels. However, United States will be capable to reduce the use of energy imports for its domestic uses and that would be associated with due to federal fuel efficiency standards improvements, told the chief economist, Dr. Faith Birol from IEA.
As for production of Natural gas is concerned, United States would be capable to overtake the Russia in production of natural Gas in next five year. The natural gas production would reach to 675 bcm from 604 bcm production capacity of 2010 by United States. Natural gas production will still increase and reach at limit of 704 bcm in 2010 in US. According to WEO report, the electricity demand will increase in next ten years and India and China will be leading consumers with increase of 70 percent of electricity consumption, while electricity prices will vary across the globe.
By 2035, production of renewable energy sources will increase by 10 percent and similar will be the consumption level, where as hydropower and wind will be the main two key production resources and would be aided with subsidies from government. Use of nuclear energy will decrease up to 10 percent from its current production for world energy demands and major nuclear countries like Japan and Germany will be decrease their dependencies on nuclear energy sources.