NEW YORK: 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.
