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News Summary: US will be biggest oil producer

BIGGEST IN OIL: The International Energy Agency says the U.S. will become the world's largest oil producer by around 2020, temporarily overtaking Saudi Arabia, as new exploration technologies help find more resources.

ON OUR OWN: The energy watchdog also predicted that greater oil and natural gas production, as well as more efficient use of energy will allow the U.S. to become nearly energy self-sufficient by 2035.

SEA CHANGE: Middle East oil exports will increasingly go to Asia as the U.S. becomes more self-sufficient. That will increase the focus on security of strategic shipping routes to Asia.