An oil drilling rig and housing for workers is seen outside Williston, North Dakota, October 19, 2012. Thousands of people have flooded into North Dakota to work in state's oil drilling boom. (REUTERS)
US Shale Oil Supply Shock Shifts Global Power Balance -- BBC
A steeper-than-expected rise in US shale oil reserves is about to change the global balance of power between new and existing producers, a report says.
Over the next five years, the US will account for a third of new oil supplies, according to the International Energy Agency (IEA).
The US will change from the world's leading importer of oil to a net exporter.
Demand for oil from Middle-East oil producers is set to slow as a result.
"North America has set off a supply shock that is sending ripples throughout the world," said IEA executive director Maria van der Hoeven.
Read more ....
More News On America's Energy Boom Shocking Global Energy Markets
Oil Shockwaves From U.S. Shale Boom Seen by IEA Ousting OPEC -- Bloomberg Businessweek
U.S. oil boom causing energy upheaval -- CNN
Report: U.S. oil surge transforming markets, undercutting OPEC -- Washington Times
North America Is Setting Off An Oil Supply Shock That Is Rippling Through The World -- Joe Weisenthal, Business Insider
U.S. oil boom leaves OPEC sidelined from demand growth -- Reuters
IEA Sees Crude Trade Declining as North America Cuts Imports -- Bloomberg Businessweek
Oil slides below $95 a barrel as IEA sees surging US crude output coupled with slowing demand -- Washington Post/AP
U.S. to Surpass Russia as Largest Non-OPEC Oil Producer -- FOX News
Oil crisis for OPEC? -- Euronews
WNU Editor: The IEA report is here.
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