US leads world in oil and gas production, IEA says

[F-22Raptor]

International energy markets are set for "major upheaval" as the US cements its status as the world's largest oil and gas producer, while China overtakes it as the biggest oil consumer.

The predictions come from the International Energy Agency's annual energy forecast.

It believes that global energy demand will rise 30% by 2040, driven by higher consumption in India.

At the same time, the renewable energy sources will become more important.

The IEA, which tracks the energy for 29 countries, said the US - once reliant on imports - is becoming the "undisputed global oil and gas leader".

It expects the US to account for 80% of the increase in global oil supply to 2025, driven by increases in shale.

That will keep prices down and help make the US a net exporter of oil - in addition to gas - by the late 2020s.

The US Energy Information Administration estimated that the US became the world's top petroleum and natural gas producer in 2012.

The emergence of the US "represents a major upheaval for international market dynamics", said Dr Fatih Birol, IEA executive director.

China changes
US oil and gas output is projected to surpass that of any other country in history, due to "a remarkable ability to unlock new resources cost-effectively".

The agency said renewable sources such as solar and wind are expected to meet 40% of the new demand.

In the EU, renewable energy will represent 80% of new capacity.

Growth in energy demand is half what it would have been without improvements to efficiency.

In China, for instance, government focus on renewable energy has led energy demand to increase by an average of 2% annually since 2012, down from 8% between 2000 and 2012.

China is still on track to have higher per-capita energy consumption than the EU by 2040, it added.

http://www.bbc.com/news/business-41988095

 

[VCheng]

Will this help the petrodollar?

Cheap gasoline, YAY!

 

[AMDR]

If you would have said a decade ago that the United States would eventually become a net energy exporter you would have been sent to a mental asylum.

If anything it shows how fast global trends can reverse or start.

Will this help the petrodollar?

Watch out, they all might start swarming this thread

 

[VCheng]

If you would have said a decade ago that the United States would eventually become a net energy exporter you would have been sent to a mental asylum.

If anything it shows how fast global trends can reverse or start.


Watch out, they all might start swarming this thread

Actually, I pointed out this achievement several months ago (may be even longer). (It only goes to show that fat dumb Murrikans can actually do some good if they set their minds to it.)

But, the dollar is dead and people are lining up to get Chinese visas.

 

[sunstersun]

Actually, I pointed out this achievement several months ago (may be even longer). (It only goes to show that fat dumb Murrikans can actually do some good if they set their minds to it.)

But, the dollar is dead and people are lining up to get Chinese visas.

Muricans can do anything.

 

[MultaniGuy]

I thought Saudi Arabia is the world's largest producer of oil.

Well Saudi Arabia is the world's largest exporter of oil.

 

[TruthSeeker]

Technology, technology, technology. The only reason that the "west" is prosperous is that it continues to invest in new technical solutions to problems. The reason that China is on the precipice of first world prosperity is because the west has transferred its technology to a capable and willing society, China. What remains to be seen over the next decade or so is whether the Chinese cultural system (including its educational, political, financial and entrepreneurial mechanisms) is capable of moving beyond the technological base that the west has built.

 

[Hamartia Antidote]

International energy markets are set for "major upheaval" as the US cements its status as the world's largest oil and gas producer, while China overtakes it as the biggest oil consumer.

The predictions come from the International Energy Agency's annual energy forecast.

It believes that global energy demand will rise 30% by 2040, driven by higher consumption in India.

At the same time, the renewable energy sources will become more important.

The IEA, which tracks the energy for 29 countries, said the US - once reliant on imports - is becoming the "undisputed global oil and gas leader".

It expects the US to account for 80% of the increase in global oil supply to 2025, driven by increases in shale.

That will keep prices down and help make the US a net exporter of oil - in addition to gas - by the late 2020s.

The US Energy Information Administration estimated that the US became the world's top petroleum and natural gas producer in 2012.

The emergence of the US "represents a major upheaval for international market dynamics", said Dr Fatih Birol, IEA executive director.

China changes
US oil and gas output is projected to surpass that of any other country in history, due to "a remarkable ability to unlock new resources cost-effectively".

The agency said renewable sources such as solar and wind are expected to meet 40% of the new demand.

In the EU, renewable energy will represent 80% of new capacity.

Growth in energy demand is half what it would have been without improvements to efficiency.

In China, for instance, government focus on renewable energy has led energy demand to increase by an average of 2% annually since 2012, down from 8% between 2000 and 2012.

China is still on track to have higher per-capita energy consumption than the EU by 2040, it added.

http://www.bbc.com/news/business-41988095

LOL! That's just unreal!

 

[razgriz19]

US currently imports 50% of its crude from Canada and i don't think that has changed one bit so how are they "producing" so much of it?

 

[MultaniGuy]

US currently imports 50% of its crude from Canada and i don't think that has changed one bit so how are they "producing" so much of it?

Excellent point you have made there. I think USA also imports a lot of oil from Saudi Arabia.