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