Off the wire
• Brazilian military launches anti-narcotics operation in Rio  • 1.3 tons of cocaine seized in Rio de Janeiro  • Hollywood actor criticizes U.S. gov't for pulling out of Paris climate agreement  • Brazilian military launches anti-narcotics operation in Rio  • 1.3 tons of cocaine seized in Rio de Janeiro  • Hollywood actor criticizes U.S. gov't for pulling out of Paris climate agreement  • Brazilian military launches anti-narcotics operation in Rio  • 1.3 tons of cocaine seized in Rio de Janeiro  • Hollywood actor criticizes U.S. gov't for pulling out of Paris climate agreement  • Brazilian military launches anti-narcotics operation in Rio  
You are here: 　

IEA: U.S. to dominant over 60 pct global oil growth thanks to shale booming

Xinhua,March 06, 2018 Adjust font size:

HOUSTON, March 5 (Xinhua) -- The United States will cover more than 60 percent of the global oil demand growth over the next five years, according to an energy outlook released by International Energy Agency (IEA) on Monday.

IEA Executive Director Fatih Birol made the remarks to reporters at the CERAWeek by IHS Markit that kicked off on Monday in Houston in the U.S. state of Texas.

The IEA's outlook looks ahead five years and identified the United States, Brazil, Canada and Norway as the four countries that will be able to meet the demand for oil.

Boosted by economic growth in Asia and a resurgent petrochemicals industry in the United States, global oil demand is expected to increase by 6.9 million barrels per day to reach 104.7 million barrels per day by 2023, according to the IEA's report.

IEA said India follows China in terms of growth in the demand for oil, and together the oil demand of those two countries accounts for about half of the growth in global oil demand.

Thanks to the shale revolution, the United States leads the picture, with total liquids production reaching nearly 17 million barrels per day in 2023, up from 13.2 million barrels per day in 2017. Growth is led by the Permian Basin, where output is expected to double by 2023.

In 1983, Cambridge Energy Research Associates (CERA) was founded in Cambridge, Massachusetts, the United States. Each year, CERA clients gathered for a few days in Houston to attend the executive conference where they gained insight into the energy future while connecting with their peers. Over time, the program was expanded to five days of informative sessions and networking opportunities-and named CERAWeek.

More than three decades later, CERAWeek by IHS Markit has become the world's premier energy event. The conference is distinctive in the extraordinary depth and breadth of its content and the quality of the dialogue among participants.

IHS Markit is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. Enditem

 

Related News & Photos