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U.S. oil boom to erode OPEC market share in 2014-IEA

Posted on 12 July 2013

The North American shale oil boom could spur the biggest rise in non-OPEC supply growth in decades next year, helping meet strong global demand and eroding the market share of OPEC countries, the International Energy Agency (IEA) said on Thursday. Shale oil and gas is already transforming the global energy market, notably by providing cheap supplies to the U.S. economy and lessening its dependence on imports.
Even though global oil demand growth in 2014 will rise to its strongest level since 2010, supply will remain quite comfortable, meaning oil prices should avoid steep spikes, the IEA, the energy adviser to industrialised countries said in its monthly report………………………………………..Full Article: Source


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