The United States will dominate the oil industry for the next 5 years, International Energy Agency forecasts

Oil demand will keep expanding over the next five years, and the United States will fulfill most of the world’s growing appetite, the International Energy Agency said on Monday. In its latest annual outlook, the IEA forecasted that strong economic growth around the world will continue to support strong oil consumption until at least 2023. Along with surging output from the U.S., rising production in Canada, Brazil and Norway will be able to meet higher demand through 2020, the energy policy adviser said. Beyond that, however, the IEA warned that oil supply could become tight unless investment in new production rebounds from historic declines in recent years.

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Source: CNBC

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