In this video, IEA explains how the oil markets are changing. With developing economies now contesting for more demand, they will account for all of the growth in oil consumption by 2040 and over 80% in gas use.
As shale production in the US is rising fast, it changes the world’s oil and gas supply.
What is more, global oil production is continuing its increase fueled by the transport sectors and petrochemicals. This means that without new projects, there is the risk that supplies will not be able to keep up.
Of course if that happens, markets will be greatly affected.
