The world’s reliance on oil supply from OPEC and other large producing nations from Russia to several in Africa will end soon, as they are supplemented by U.S. output. That, in turn, means oil demand may not strain the global market and, as it has in the past, press crude prices higher. The United States is about to change how the oil price game is played for decades to come.
The International Energy Agency (IEA) issued its annual “Medium-Term Oil Market Report (MTOMR).” Its two most notable observations about the global oil markets:
According to the MTOMR, the effects of continued growth in North American supply — led by US light, tight oil (LTO) and Canadian oil sands — will cascade through the global oil market. Although shale oil development outside North America may not be a large-scale reality during the report’s five-year timeframe, the technologies responsible for the…
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