US oil expected to meet most of world's growth in demand

March 5, 2018

A global energy group says booming production in the United States will meet most of the world's growth in demand for oil in the next few years.

The International Energy Agency believes U.S. oilfields will offset slow growth from the OPEC cartel.

The group, based in Paris, issued its annual oil market report on Monday. The resurgence in U.S. production is the most prominent change since the group's last forecast.

The agency continues to worry that globally, investment in new production has not rebounded from the oil-price plunge that started in mid-2014, raising the possibility of future shortages and price spikes.

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