Global oil markets may see a considerable supply shock due to a sudden surge in North American oil production, the IEA reports. It is expected that this new development will not only impact global investment but also oil transportation, storage and refinery industries.
Another effect could be the rising influence of developing countries – it has been reported that this quarter non-OECD economies will show greater demand for oil than OECD countries for the first time in history. This will likely contribute to more extensive storage capacity and improved trade networks as these nations move to develop their oil trade infrastructure.
“This development is quite significant and could have considerable, lasting effects on global petroleum trade” NRG Expert Analyst Edgar van der Meer said. “How markets adjust and develop in the wake of this will definitely be worth watching.”
For more information, consider NRG Expert’s fossil fuel and conventional energy reports.
Source: http://iea.org/newsroomandevents/pressreleases/2013/may/name,38080,en.html
