IEA’s Birol Says U.S. Oil Imports to Decline Through 2035

U.S. fuel imports will decline through 2035 and the nation will be “less vulnerable to oil price shocks” in the future, the International Energy Agency’s Chief Economist Fatih Birol said.

Rising efficiency standards for cars and trucks will reduce the country’s consumption, while domestic production of so- called tight oil will increase in the next two decades, Birol said today at a press conference in London.

U.S. oil demand is forecast to drop to 14.5 million barrels a day in 2035 from 18 million last year, the IEA said in its annual World Energy Outlook report. The Paris-based agency advises 28 industrialized nations.

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