In a radically different oil market, says the International Energy Agency, the United States looks like the winner and Russia and other ailing petrostates the losers.
- By Keith Johnson
- February 10, 2015
This, the International Energy Agency said Tuesday, is most definitely not your father’s oil market.
In its annual five-year oil market outlook, the IEA, which is the energy agency of the Organization for Economic Cooperation and Development (OECD), said that the rise of the United States as a heavyweight crude producer, OPEC’s abdication of its historical role as the arbiter of world oil supply, and sluggish oil demand growth worldwide will have big implications for oil producing and consuming countries alike.