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By Tammy Bruce
Topic - Maria Van Der Hoeven
The rapid growth of U.S. oil production is transforming global markets and easing supplies just as China and the rest of the developing world move to overtake the developed world for the first time in consumption, the International Energy Agency reported Tuesday.
The U.S. is not the only nation experiencing a renaissance in oil production. Sidelined for two decades by war, sanctions and political instability, Iraq passed a critical milestone last year by producing 3 million barrels a day of crude oil for the first time since 1990, before the Persian Gulf War, reaching 3.4 million barrels a day by December.
By about 2020, the United States will overtake Saudi Arabia as the world's largest oil producer and put North America as a whole on track to become a net exporter of oil as soon as 2030, according to a report from the International Energy Agency.
"The United States, which experiences relatively low energy prices, sees a slight increase in its share of global exports of energy-intensive goods, providing the clearest indication of the link between relatively low energy prices and the industrial outlook," said IEA Executive Director Maria van der Hoeven.
"OPEC oil will still very much be needed," despite the cartel's recent troubles, because of the surging demand in Asia and the developing world, said Ms. van der Hoeven.