U.S. to become World's biggest oil producer by 2017

The International Energy Agency (IEA) has forecast that the U.S. will become the world's biggest oil producer and gas producer in the coming years. The energy agency said the U.S. will become the biggest oil producer in the world by 2017, bumping Saudi Arabia from the top spot. The agency had formerly predicted Saudi Arabia would hold the title until 2035.

The IEA noted high world prices and new technologies in the U.S. oil and gas production industries are driving the rebound in oil and gas production. It forecast U.S. oil production will rise to 10 million barrels per day by 2015 and 11.1 million bpd in 2020.

The IEA also predicted that the U.S. will overtake Russia as the largest gas producer by 2015.