North American Oil Production Is Radically Shifting Global Supply

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North American oil production, dark green in the chart, has been undergoing explosive supply growth since 2010. Between the new extraction methods used in the US and continued expansion of the Alberta tar sands in Canada, the supply and extraction technology coming from North America will change the global oil market radically over the next five years. Consider the following quote from the International Energy Agency’s press release accompanying this graph:

“The supply shock created by a surge in North American oil production will be as transformative to the market over the next five years as was the rise of Chinese demand over the last 15, the International Energy Agency (IEA) said in its annual Medium-Term Oil Market Report (MTOMR) released today.”

–from Business Insider and the International Energy Agency

 

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