Wednesday, 13 March 2019

IEA says 70% of world’s oil production growth will come from the U.S.

As the second wave of the US shale revolution unfolds, the United States is forecast to account for 70% of the rise in global oil production and some 75% of the expansion in LNG trade over the next five years. On global oil markets, the U.S. has “essentially compensated for recent production shortfalls in Venezuela and Iran,“ commented Dr Fatih Birol, Executive Director of the International Energy Agency (IEA).

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