N. America to Become Net Exporter of Liquid Fuels by 2020

Rising production and falling regional demand will turn North America into a net exporter of oil and other liquid fuels by 2020, predicts ExxonMobil.

The giant petroleum company's Outlook for Energy analysis predicts efficiency gains will hold growth in global demand for energy to 35% by 2040 about one-fourth the hike if today's consumption practices don't change over the period. Generating electricity will account for about half the net growth in energy demand.

About 45% of the world's liquid fuels in 2040 will come from sources other than conventional crude oil, up from 24% in 2010, according to the report.

ExxonMobil says that, by 2040, North America will become the world's biggest gas producer as output of "unconventional" gas nearly triples. It forecasts Asia Pacific will overtake Europe as the world's largest importer of gas.