IEA Sees American Energy Dominance Squeezing OPEC Into 2020s
- U.S. producers will ‘put their stamp’ on market for five years
- OPEC will see little increase in demand for its crude to 2021
Shale production in Mentone, Texas.
Photographer: Luke Sharrett/Bloomberg
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The U.S. will dominate global oil markets for years to come, satisfying 80 percent of global demand growth to 2020 as the shale boom keeps OPEC under pressure, the International Energy Agency said.
“The U.S. is set to put its stamp on global oil markets for the next five years,” IEA Executive Director Fatih Birol said in a report published Monday. OPEC’s surging rivals, which also include Brazil and Canada, will leave little space for the cartel to expand even after its production curbs expire this year.