The World of Oil will be dominated by a second wave of US Shale oil according to the International Energy Agency (IEA).
The United States will be the source of 70% of the total increase in global capacity to 2024 by adding a total of 4 million barrels per day. This follows growth of 2.2 million barrels per day in 2018.
World Oil production and oil demand is currently hovering around 100 million barrels per day. IEA projects 1.2 million barrel per day growth each year for the next 5 years.
The US will add more than the current oil production of Canada and could reach an addition of the oil production of Iraq over the next five years.
At $60 per barrel, the increase in US oil will be worth about $88 billion per year.
World economists are not forecasting any switch away or decline in fossil fuel usage. Trillions of dollars are being invested to create this second shale oil wave.
SOURCES – International Energy Agency, Knoema
Written By Brian Wang
Wang is a prolific business-oriented writer of emerging and disruptive technologies. He is known for insightful articles that combine business and technical analysis that catches the attention of the general public and is also useful for those in the industries. He is the sole author and writer of nextbigfuture.com
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He gave the recent keynote presentation at Monte Jade event with a talk entitled the Future for You. He gave an annual update on molecular nanotechnology at Singularity University on nanotechnology, gave a TEDX talk on energy, and advises USC ASTE 527 (advanced space projects program). He has been interviewed for radio, professional organizations. podcasts and corporate events. He was recently interviewed by the radio program Steel on Steel on satellites and high altitude balloons that will track all movement in many parts of the USA.
He fundraises for various high impact technology companies and has worked in computer technology, insurance, healthcare and with corporate finance.
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