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A row of oil pumps work at sunset on Sept. 11, 2013, in the desert oil fields of Sakhir, Bahrain. The International Energy Agency says U.S. oil production will peak in 2020, returning emphasis to foreign production soon after.
A row of oil pumps work at sunset on Sept. 11, 2013, in the desert oil fields of Sakhir, Bahrain. The International Energy Agency says U.S. oil production will peak in 2020, returning emphasis to foreign production soon after.
(Hasan Jamali/AP)

‘Oil abundance’ not on the way, IEA warns

Just when you think that surging U.S. energy production is bound to have a big and lasting impact on the global energy sector, along comes a twist. Yes, the U.S. is on track to become the world’s biggest oil producer by 2016. But by 2020, U.S. production will have peaked, returning emphasis to foreign production soon after.