Soaring US oil production should be enough to allow consumers withstand most potential supply shocks, the International Energy Agency (IEA) said on Wednesday, as it cut estimates for global oil demand.
“The oil-producing world today is in the midst of a once-in-a-generation transition of farreaching consequences,” the IEA, which coordinates the energy policies of major consuming nations, said in its monthly oil market report.
“Rarely has the market’s ability to withstand crisis been so tested as in the two years since the start of the socalled Arab Spring. Yet the market seems to have taken it all — civil uprisings, terrorist attacks, natural disasters, production outages, trade embargoes — in its stride,” the energy body added.
The IEA expects non-Opec (Organisation of the Petroleum Exporting Countries) supply to grow by 1.1-million barrels per day (bpd) in 2013 to 54.5-million bpd, led by North American booming shale oil output.
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