Natural Resources Newsletter - 20 November 2017

IEA predict U.S. will account for most of world oil's output growth over next decade

  

IEA predict U.S. will account for most of world oil's output growth over next decade

The International Energy Agency (“IEA”) has said it expects the U.S to account for more than 80% of global oil production growth over the next 10 years and to produce 30% more gas than Russia in the same period. Speaking at ‘COP-23’ the UN Convention’s on climate change, taking place in Bonn, Germany, IEA head Fatih Birol, said the United States, whose upstream energy industry has seen a resurgence with the development of fracking technology, would become the “undisputed leader of oil and gas production worldwide” and that “this has implications for the oil markets, prices, trade flows, investment trends and the geopolitics of energy,” He said the IEA expected oil markets to rebalance in 2018 if oil demand remained “more or less” as robust as it was now and if the Organization of the Petroleum Exporting Countries (“OPEC”) and its allies extended output cuts.