A surge in U.S. crude oil production could change the international landscape

A surge in U.S. crude oil production could change the international landscape. The BBC reported that the U.S.'s proven shale oil and grain reserves unexpectedly increased significantly, which may change global crude oil exports...

The BBC reported that the U.S.'s proven shale oil and grain reserves unexpectedly increased significantly and may change the global comparison of crude oil producers. According to the International Energy Agency (IEA), one-third of the world's new crude oil supply will come from the United States in the next five years. This means that the United States will become a net exporter of crude oil from a major importer, and demand for Middle East crude oil will slow down as a result. The International Energy Agency pointed out in its twice-yearly five-year forecast report that the huge wave set off by North America in the crude oil supply market is affecting the world.

Self-sufficiency

The report predicts that by 2015, the United States will replace Russia as the world's largest natural gas producer; by 2035, the United States' domestic energy demand will be "self-sufficient."

The surge in U.S. crude oil production will end the world's dependence on Middle East oil. Middle East oil-producing countries form the Organization of Petroleum Exporting Countries (Opec) and account for 35% of current global crude oil production.

The International Energy Agency predicts that U.S. crude oil production will increase by 3.9 million barrels per day between 2012 and 2018, accounting for two-thirds of the increase in production by traditional non-OPEC crude oil producing countries.

At the same time, global crude oil demand will increase by 8%, most of which will be provided by non-OPEC exporting countries.

The report pointed out that the crude oil production of OPEC member countries will continue to grow in the next five years, but the rate will slow down significantly, with daily production increasing by 1.75 million barrels, 750,000 barrels less than the IEA expected last year. The main reason is the deteriorating security situation in North Africa and sub-Saharan Africa after the "Arab Spring".

Exploitation controversy

The main reason for the surge in U.S. crude oil production is shale oil, which many people call the savior of the U.S. energy market.

But critics of shale oil extraction operations point out that fracking will lead to a surge in water consumption, which may cause water pollution, methane emissions and may cause ground shaking.

France has banned the use of hydraulic fracturing to extract shale oil, but the UK recently lifted its temporary ban on hydraulic fracturing.