Report: New energy sources threaten OPEC's influence in global oil trade

11/13/2013 | Hill, The

The recent discovery of new energy sources outside of the Middle East will affect the Organization of the Petroleum Exporting Countries' influence in the global oil market over the next decade, according to the International Energy Agency. "The role of OPEC countries in quenching the world's thirst for oil is reduced temporarily over the next ten years by rising output from the United States, from oil sands in Canada, from deepwater production in Brazil and from natural gas liquids from all over the world," the agency said in its annual World Energy Outlook. OPEC will regain its dominance by the mid-2020s as "non-OPEC production starts to fall back," the report stated.

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Hill, The

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