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U.S. Forecasted by the IEA to Be the World's Top Oil Producer by 2020
The Paragon Report Provides Stock Research on Rex Energy and Ivanhoe Energy
By: Marketwired .
Nov. 29, 2012 08:20 AM
NEW YORK, NY -- (Marketwire) -- 11/29/12 -- An increased focus on lowering the nation's dependence on foreign oil has seen production in the U.S. soar to 15 year highs. The International Energy Agency in its annual World Energy Outlook predicts that by 2020 the U.S. will be the world's top oil producer. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Rex Energy Corporation (NASDAQ: REXX) and Ivanhoe Energy Inc. (NASDAQ: IVAN) (TSX: IE).
Access to the full company reports can be found at:
Hydraulic fracturing and horizontal drilling have contributed to the current shale-oil boom in the U.S. The IEA predicts oil production in the U.S. in 2020 will peak at 11.1 million barrels a day, compared to 8.1 million barrels a day in 2011. U.S. oil imports are forecasted to decline to four million barrels a day from the current rate of 10 million barrels a day within the next decade.
"By around 2020, the United States is projected to become the largest global oil producer" and will surpass Saudi Arabia for a period of time, the IEA said. "The result is a continued fall in U.S. oil imports [currently at 20% of its needs] to the extent that North America becomes a net oil exporter around 2030."
Paragon Report releases regular market updates on the Oil & Gas Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.ParagonReport.com and get exclusive access to our numerous stock reports and industry newsletters.
Rex Energy operates in two main areas within the United States: the Appalachian Basin and the Illinois Basin. In the Appalachian Basin, the company is focused on natural gas and natural gas liquids production. In the Illinois Basin, their operations are focused on conventional oil well production and enhanced oil recovery projects. As of October 31, 2012 the company reported a 67 percent increase in proved oil and natural gas reserves.
Ivanhoe Energy is an independent international heavy oil exploration and development company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary heavy oil upgrading process. The company has recently announced it has agreed to sell Pan-China Resources Ltd. for $45 million.
The Paragon Report has not been compensated by any of the above-mentioned publicly traded companies. Paragon Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at: http://www.paragonreport.com/disclaimer
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