The United States will become the undisputed leader of global oil and gas production in the longer term, Fatih Birol, the Executive Director of the International Energy Agency (IEA), said at a press conference on the sidelines of a UN Climate Change conference in Germany on Thursday. The oil market will balance next year, but looking beyond the next few quarters, in the next ten years, more than 80 percent of the global oil production growth will come from the U.S., Birol said. Not only will the U.S. lead in new oil supply, but American natural gas production “will be 30 percent higher than Russia” in ten years, the IEA’s head said. The U.S. becoming the undisputed leader of global oil and gas production will have implications on oil markets, prices, trade flows, investment trends, and geopolitics of energy, Birol said in Bonn today. Earlier this week, the IEA […]