WEO-2017, the International Energy Agency’s flagship publication, finds that over the next two decades the global energy system is being reshaped by major forces: the United States is set to become the undisputed global oil and gas leader; renewables are being deployed rapidly thanks to falling costs; the share of electricity in the energy mix is growing, and China’s new economic strategy takes it on a cleaner growth mode. International Energy Agency (domain: iea.org) video first published Nov 14, 2017. Learn more at http://www.iea.org/weo2017.
The latest report from the IEA.org forecasts an oil market dominated by the United States. See the report at Oil 2018 | iea.org as well as a Bloomberg.com video Mar 5, 2018.
iea.org slides:
See also:
- Oil reserves | Oil | Statistical Review of World Energy | Energy economics | BP.com: "Global proved oil reserves in 2016 rose by 15 billion barrels (0.9%) to 1707 billion barrels, which would be sufficient to meet 50.6 years of global production at 2016 levels."
- WEO Analysis: A sea change in the global oil trade | iea.org: "The surge in tight oil output from the United States has already triggered major changes in the dynamics of global oil supply and prices. Through a decline in imports and a surge in exports, US tight oil is now having a similarly profound impact on global crude oil trade. Crude oil imports to the United States fell by more than 1.3 million barrels a day (mb/d) between 2010 and 2016, to 7.9 mb/d. At the same time, since the ban on crude oil exports was lifted in late 2015, US exports have skyrocketed to over 1 mb/d in October 2017, and have expanded their range of destinations from a single country, Canada, to more than 30 countries across Latin America, Europe and Asia. Looking to the future, WEO projections in the New Policies Scenario suggest a continued fall in US net crude oil imports, from more than 7 mb/d today to less than 3 mb/d by 2040. Meanwhile, net product exports double from 2 mb/d to almost 4 mb/d over the same period, pushing the overall net oil trade balance of the United States into positive territory by the late-2020s, an astonishing turnaround."
- Momentous Shift in US Natural Gas, with Global Consequences | WolfStreet.com: "The LNG export trade in the US is powered by the huge price differential between natural gas in the US — where a “glut” has crushed prices since 2009 — and what large LNG importers such as Japan and Korea are paying in the global LNG markets."
- In the Oil Patch, Bigger Is No Longer Better | WSJ.com: investors are growing leery of free-spending energy firms, but like the discipline of ConocoPhillips.
- Old Fields Die Hard | WolfStreet.com:"thriftier times have called for a re-strategizing and getting back to basics. This means focusing on existing wells and mature oil fields instead of drilling and prospecting in a short-term effort to get more oil more cheaply and efficiently. It’s all a response to the same issue — low oil prices — but with exactly the opposite approach from OPEC ..."
- Oil Demand: The Price Is Right or the Customer Is Right? | Bloomberg.com: "Research suggests producers can no longer assume global consumers will buy fuel at any price."