© Ernest Scheyder / Reuters
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 ahead, these developments position the US to potentially be one of the largest exporters of crude oil in the world," CNN reported.
