Global crude oil production capacity is likely to climb from 93 million b/d currently to 110 million b/d by 2020 in the largest single-decade increase since the 1980s.
The 17 million b/d surge will occur nearly everywhere, with the largest increases in Iraq, the US, Canada, Brazil, and Venezuela.
Forecasts also Show that technological advances in unconventional oil production will help the US experience unprecedented output and help make the Western Hemisphere energy self-sufficient by 2020. What’s happening in North Dakota, particularly in the Bakken and Three Forks formations…and the Eagle Ford in Texas is the beginning of a big revolution, probably the biggest we’ve seen in the oil industry in decades.
Tight oil production in the two states has grown from virtually nothing in 2010 to 1 million b/d, By 2020, thanks to production from tight oil formations, the United States could be the world’s second oil producer in the world after Saudi Arabia.