According to Reuters Chinese website reported, International Energy Agency (IEA) said on the 16th that the increase oil production of United States will account more than 80% of global growth in next 10 years. Then the natural gas production will be 30% higher than Russia.
IEA Administrator Bill Birr said at the UN Climate Change Conference in Bonn that this will have an impact on oil markets, oil prices, trade flows, investment trends and energy geo-politics. With the development of hydraulic fracturing technology, the upstream energy industry in the United States will regain its vitality and the United States will become "a recognized global leader in oil and gas production." The IEA expects that the oil market will re-balance in 2018 if the demand for oil is strong enough as now and OPEC have extended their cutbacks with its allies .
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