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IEA Reports US Leads in Oil and Gas Production

2017-11-16 | 10pm

According to the current scenario, US is all set to be the largest oil and gas producer across the world, whereas overtakes as the biggest oil consumer. It seems that International energy markets are ready for "major upheaval". The report is generated from the International Energy Agency's annual energy forecast. As reports suggest that by the year 2040, there will be 30% increment in the worldwide global energy demand and it will be driven by higher consumption in India. Moreover, in the coming future the importance of renewable energy source will rise. IEA is tracking the energy reports of almost 29 countries stated that US - once reliant on imports has become the "undisputed global oil and gas leader". By 2025, there will be 80% rise in global oil supply by US due to increase in shale. Hence, this will keep the prices low and US will be the net exporter of oil along with gas by the late 2020s. According to the US Energy Information Administration, it is estimated that US will be the world's top petroleum and natural gas producer in 2012. Dr Fatih Birol, IEA executive director stated about the emergence of the US “represents a major upheaval for international market dynamics.” He also added, “US oil and gas output is projected to surpass that of any other country in history a remarkable ability to unlock new resources cost-effectively". According to the agency, approximately 40% of the demand will be met by the renewable sources like solar and wind. In China, the government is focussing on renewable energy which resulted in increase by an average of 2% annually. .