IEA: North American Oil Spells Big Changes Ahead for Oil Markets

The global oil landscape is rapidly changing, with “shockwaves” from supply growth in the US due to shale gas, light tight oil as well as the Canadian oil sands extending to “virtually all recesses of the global market,” the International Energy Agency (IEA) wrote in a May 14 report. The international energy body goes on to explain that the transformative effect of the way oil is being produced, process, traded and consumed could have significant consequences for the global economy and oil security moving forward.

“North America has set off a supply shock that is sending ripples throughout the world,” the IEA’s director, Maria van der Hoeven, said.

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