The U.S. shale revolution could prove to be a game changer for India, if the latest report from the International Energy Agency (IEA) is to be believed.
The relentless rise of U.S. shale output could prompt the world’s top oil producers to bring a change in their policy, according to the Paris-based IEA.
“U.S. producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth,” the IEA said in a statement on Tuesday.
In just three months to November, U.S. crude output increased by a colossal 846 barrels a day and will soon overtake that of Saudi Arabia, according to the IEA.
In November 2014, the U.S. shale boom prompted the Organization of the Petroleum Exporting Countries (OPEC) to stop output cut as the agency aimed to improve its market share. Read More…