IEA Sees Shale Surge as Biggest Oil and Gas Boom in History

By 2025, the growth in American oil production will equal that achieved by Saudi Arabia at the height of its expansion, and increases in natural gas will surpass those of the former Soviet Union, the agency said in its annual World Energy Outlook. The boom will turn the U.S., still among the biggest oil importers, into a net exporter of fossil fuels.

„The implications of the shale revolution for international markets and energy security have been profound,“ said the Paris-based IEA, which advises most of the world‘s major economies on energy policy. U.S. drillers have „weathered the turbulent period of lower oil prices since 2014 with remarkable fortitude.“