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U.S. on the cusp of history's biggest oil and gas boom, IEA forecasts

Published 11/13/2017, 10:02 PM
© Reuters. U.S. on the cusp of history's biggest oil and gas boom, IEA forecasts
  • The United States will become the world's "undisputed" leader in oil production, with growth in its output through 2025 to be the strongest seen by any country in the history of crude oil markets, the International Energy Agency predicts in its annual World Energy Outlook.
  • Sparked by technological advances from its shale fields, U.S. production will see growth of 8M bbl/day during 2010-25, accounting for 80% of the increase in global supply over the period, the report says.
  • Reflecting an expected flood of supply, the IEA cuts its forecast for oil prices to $83/bbl for 2025 from $101 previously, and the lower prices will help sustain global consumption to 2035, despite growing popularity of electric vehicles.
  • The IEA also says the growing importance of electricity in the energy market should support rising demand for cleaner burning gas, but this growth is not certain because much of the infrastructure needed for gas-fired power generation is not yet in place in developing economies and competition is rising from wind and solar power.
  • ETFs: USO, UNG, OIL, UGAZ, UWT, TAN, UCO, DGAZ, DWT, SCO, BNO, BOIL, DBO, GAZ, UGA, DTO, USL, KWT, KOLD, UNL, DNO, OLO, SZO, DCNG, OLEM, OILK, WTIU, OILX, WTID, USOI, GAZB
  • Now read: Rig Count Stalls, And Big Insider Buying In Our Favorite Energy Name

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