US boom transforming global oil trade
Tuesday, May 14, 2013 - 16:30
in Mathematics & Economics
The surge in oil production in the U.S. and Canada and shrinking oil consumption in the developed world is transforming the global oil market. The threat of chronic oil shortages is all but gone, U.S. dependence on Middle Eastern oil will continue to dwindle, and oil will increasingly flow to the developing economies of Asia, according to a five-year outlook published Tuesday by the International Energy Agency.