The world will increasingly depend on U.S. shale production to supply the crude oil needed to meet modest global demand growth, the International Energy Agency said in a new report.
The World Energy Outlook report focuses on the shift from oil to electricity to power the global economy. As a result, crude’s market share will continue to shrink, but the United States will be leaned on to supply more than half of global oil and gas production growth at least through 2025.
As much as 75 percent of global oil production growth could come from the U.S. in the years ahead, meaning increasing volumes of crude would be exported around the world from port hubs in the Houston and Corpus Christi areas. [read more]