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U.S. : All Set To Lead Oil and Gas Industry in the Coming Years

2017-11-17 | 10pm

Recently, during a press conference on the sidelines of a UN Climate Change conference held in Germany, Fatih Birol, the Executive Director of the International Energy Agency (IEA), stated that The United States is all set to be the undisputed leader of oil and gas production across the world in the longer term. He said that the oil market will be balanced by 2018. But, it seems that in the coming ten years, U.S. will provide more than 80 percent of the global oil production growth. The head of IEA  further added, that beside leading in new oil supply, American natural gas production “will be 30 percent higher than Russia” in the next ten years. Birol also stated that with U.S. leading the worldwide oil and gas production, there will be implications on oil markets, prices, trade flows, investment trends, and geopolitics of energy. In its WEO, the IEA also said that from 2010 to 2025, there will be about 8 million bpd increase in tight oil production. He also stated, “would match the highest sustained period of oil output growth by a single country in the history of the oil markets.” The IEA further added, “With the United States accounting for 80 percent of the increase in global oil supply to 2025 and maintaining near-term downward pressure on prices, the world’s consumers are not yet ready to say goodbye to the era of oil.” Besides IEA , OPEC who is the rival producer bloc also admitted  that American oil production will gain very fast as earlier expected. .