The United States will be the biggest contributor to global oil production growth in the period to 2040, accounting for 75 percent of the total, the International Energy Agency said in its latest World Energy Outlook , adding, however, that this would require a lot more investments than what is currently being made in production expansion. “Without such a pick-up in investment, US shale production, which has already been expanding at record pace, would have to add more than 10 million barrels a day from today to 2025, the equivalent of adding another Russia to global supply in seven years – which would be an historically unprecedented feat,” the report said. The production expansion itself will be motivated by growth in consumption, driven by petrochemicals and fuel demand from the trucking and aviation industries, the IEA said. The new investments, the authority explained, would have to go into new […]