News / Americas

    North America Rapidly Reshaping World Oil Market

    Worker checks water levels, temperatures in a series of tanks at an Encana Oil & Gas (USA) Inc. hydraulic fracturing operation at a gas drilling site outside Rifle, Colorado, March 29, 2013.
    Worker checks water levels, temperatures in a series of tanks at an Encana Oil & Gas (USA) Inc. hydraulic fracturing operation at a gas drilling site outside Rifle, Colorado, March 29, 2013.
    VOA News
    The International Energy Agency (IEA) says the rapid growth of oil production in North America is significantly reshaping the global market.
     
    The Paris-based IEA said Tuesday in its annual Medium-Term Oil Market Report that increased production in the northern U.S. state of North Dakota and in the oil sands of Canada "will be as transformative" to the world oil market over the next five years as increased oil demand in China has been over the last 15 years.
     
    IEA executive director Maria van der Hoeven said the North American advance "has set off a supply shock that is sending ripples throughout the world."
     
    The agency said that during the next five years, North America will account for nearly two-thirds of the growth in the world's oil supply among countries outside the Mideast-based Organization of the Petroleum Exporting Countries (OPEC). OPEC currently accounts for about 35 percent of the world's oil production.
     
    New oil production technologies have played a key role in the North American advance — chiefly hydraulic fracturing, commonly referred to as fracking, the process by which torrents of water and other materials into rock formations to loosen oil deposits for drilling.
     
    The change has been so dramatic that the United States could surpass Saudi Arabia as the world's largest oil producer by 2020.
     
    The IEA said that although shale oil development may not advance much outside of North America in the next few years, the new technologies could lead oil companies to consider exploration in higher-risk areas they previously had rejected as too costly. Van der Hoeven said that could lead to an upward reassessment of the world's oil reserves.
     
    Some information for this report was provided by AP and AFP.

    You May Like

    Russian-speaking Muslim Exiles Fear Possible Russia-Turkey Thaw

    Exiled from Russia as Islamic radicals and extremists, thousands found asylum in Turkey

    US Presidential Election Ends at Conventions for Territorial Citizens

    Citizens of US territories like Guam or Puerto Rico enjoy participation in US political process but are denied right to vote for president

    UN Syria Envoy: 'Devil Is in the Details' of Russian Aleppo Proposal

    UN uncertain about the possible humanitarian impact of Russian proposal to establish escape corridors in Aleppo

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Uganda Unveils its First Solar-powered Busi
    X
    July 28, 2016 4:16 AM
    A solar-powered bus described by its Ugandan makers as the first in Africa has made its public debut. Kiira Motors' electric bus, Kayoola, displayed recently at a stadium in Uganda's capital. From Kampala, Maurice Magorane filed this report narrated by Salem Solomon.
    Video

    Video Uganda Unveils its First Solar-powered Bus

    A solar-powered bus described by its Ugandan makers as the first in Africa has made its public debut. Kiira Motors' electric bus, Kayoola, displayed recently at a stadium in Uganda's capital. From Kampala, Maurice Magorane filed this report narrated by Salem Solomon.
    Video

    Video Silicon Valley: More Than A Place, It's a Culture

    Silicon Valley is a technology powerhouse and a place that companies such as Google, Facebook and Apple call home. It is a region in northern California that stretches from San Francisco to San Jose. But, more than that, it's known for its startup culture. VOA's Elizabeth Lee went inside one company to find out what it's like to work in a startup.
    Video

    Video Immigrant Delegate Marvels at Democratic Process

    It’s been a bitter and divisive election season – but first time Indian-American delegate Dr. Shashi Gupta headed to the Democratic National Convention with a sense of hope. VOA’s Katherine Gypson followed this immigrant with the love of U.S. politics all the way to Philadelphia.
    Video

    Video Philadelphia Uses DNC Spotlight to Profile Historic Role in Founding of United States

    The slogan of the Democratic National Convention now underway in Philadelphia is “Let’s Make History Again” which recognizes the role the city played in the foundation of the United States in the 18th century. As VOA’s Kane Farabaugh reports, local institutions are opening their doors in an effort to capitalize on the convention spotlight to draw visitors, and to offer more than just a history lesson.
    Video

    Video A Life of Fighting Back: Hillary Clinton Shatters Glass Ceiling

    Hillary Clinton made history Thursday, overcoming personal and political setbacks to become the first woman to win the presidential nomination of a major U.S. political party. If she wins in November, she will go from “first lady” to U.S. Senator from New York, to Secretary of State, to “Madam President.” Polls show Clinton is both beloved and despised. White House Correspondent Cindy Saine takes a look at the life of the woman both supporters and detractors agree is a fighter for the ages.
    Video

    Video Dutch Entrepreneurs Turn Rainwater Into Beer

    June has been recorded as one of the wettest months in more than a century in many parts of Europe. To a group of entrepreneurs in Amsterdam the rain came as a blessing, as they used the extra water to brew beer. Serginho Roosblad has more to the story.
    Video

    Video First Time Delegate’s First Day Frustrations

    With thousands of people filling the streets of Philadelphia, Pennsylvania for the 2016 Democratic National Convention, VOA’s Kane Farabaugh narrowed in on one delegate as she made her first trip to a national party convention. It was a day that was anything but routine for this United States military veteran.
    Video

    Video Commerce Thrives on US-Mexico Border

    At the Democratic Convention in Philadelphia this week, the party’s presumptive presidential nominee, Hillary Clinton, is expected to attack proposals made by her opponent, Republican presidential nominee Donald Trump, to build a wall along the U.S.-Mexico border. Last Friday, President Barack Obama hosted his Mexican counterpart, President Enrique Peña Nieto, to underscore the good relations between the two countries. VOA’s Greg Flakus reports from Tucson.
    Video

    Video Film Helps Save Ethiopian Children Thought to be Cursed

    'Omo Child' looks at effort of African man to stop killings of ‘mingi’ children
    Video

    Video London’s Financial Crown at Risk as Rivals Eye Brexit Opportunities

    By most measures, London rivals New York as the only true global financial center. But Britain’s vote to leave the European Union – so-called ‘Brexit’ – means the city could lose its right to sell services tariff-free across the bloc, risking its position as Europe’s financial headquarters. Already some banks have said they may shift operations to the mainland. Henry Ridgwell reports from London.
    Video

    Video Recycling Lifeline for Lebanon’s Last Glassblowers

    In a small Lebanese coastal town, one family is preserving a craft that stretches back millennia. The art of glass blowing was developed by Phoenicians in the region, and the Khalifehs say they are the only ones keeping the skill alive in Lebanon. But despite teaming up with an eco-entrepreneur and receiving an unexpected boost from the country’s recent trash crisis the future remains uncertain. John Owens reports from Sarafand.
    Video

    Video Migrants Continue to Risk Lives Crossing US Border from Mexico

    In his speech Thursday before the Republican National Convention, the party’s presidential candidate, Donald Trump, reiterated his proposal to build a wall along the U.S.-Mexico border if elected. Polls show a large percentage of Americans support better control of the nation's southwestern border, but as VOA’s Greg Flakus reports from the border town of Nogales in the Mexican state of Sonora, the situation faced by people trying to cross the border is already daunting.

    Special Report

    Adrift The Invisible African Diaspora

    More Americas News

    Venezuela's Opposition-run Congress Defies Government Over Ban

    Conflict of powers heightened when three lawmakers facing fraud accusations were reinstated Thursday

    Peru's Kuczynski Takes Office With a Vow to Fight Inequality

    Oxford-educated former investment banker, deemed 'elitist' by opponents in last month's election, says he will modernize country with policies aimed at raising incomes of poorest

    Brazil's Lula Contends His Rights Were Violated in Corruption Probe

    Former leftist icon, being investigated for allegedly benefiting from Petrobras kickback scheme, files petition with UN Human Rights Committee

    JetBlue to Become First Airline to Operate US-Cuba Flights

    US budget airline says it will launch scheduled commercial flights from the United States to Cuba on Aug. 31, ahead of competitors that have also announced departure dates

    El Salvador Captures 120 Members of Mara Salvatrucha Gang

    It's part of a broad offensive to curb the escalation of gang-related killings in the Central American nation

    Rio Olympic Security Will be Monitored From Above

    'Eyes in the sky' — balloons carrying high-tech cameras — will help security teams in Brazil keep watch over Games