September 28, 2020

The 'fracking' will push the US to the top of the supply of oil, according to the International Energy Agency | Economy

The 'fracking' will push the US to the top of the supply of oil, according to the International Energy Agency | Economy



The revolution of fracking will change the global energy landscape in the short term. Actually, he has already done it, but the International Energy Agency (AIE) anticipates that he will do more in the coming years, pushing the United States to the top of the world oil production. The Paris-based agency anticipates that the country that until recently was a net importer of oil will surpass the world's second largest producer (Russia) in five years, approaching the first (Saudi Arabia).

Another of the relevant conclusions of the report Oil 2019 is that the demand for crude oil continues to grow steadily, at an annual average of 1.2 million additional barrels per day, after last year the record demand of 100 million barrels per day will be reached.

For now, the IEA still does not detect a maximum demand that marks the turning point. This increase is mainly explained by the need for petrochemicals and aviation, especially in Asia and the US. On the other hand, there is a slowdown in gasoline consumption due to the improvement in efficiency and the boost of electric vehicles.

"The US is increasingly leading the growth in the global supply of petroleum products, with significant growth also from other non-OPEC countries such as Brazil, Norway and Guyana," the agency said. The IEA also describes as "unprecedented" the way in which the US has become less than a decade in a large oil exporter. "This is due to the ability of your fracking industry to respond quickly to price movements by driving production. The USA represents 70% of the total increase in global capacity in 2024, adding a total of four million barrels per day. This follows a spectacular growth in 2018 of 2.2 million barrels per day, "the Agency continues.

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