IEA-Oil-demand ; Source: http://sweetcrudereports.com
In a recent report by the Paris-based IEA, it was forecasted that the United States would become the largest global oil producer, thereby overtaking Saudi Arabia, by around 2020. Not so fast! As Jen Alic of Oilprice.com rightly points out: “We cannot compare total combined liquid hydrocarbons produced by the U.S. with Saudi Arabia’s strictly crude oil production.”
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