Enjoy it while it lasts: U.S. shale boom effects not expected to last

|By:, SA News Editor

The International Energy Agency says in its annual report the U.S. will be the world’s no. 1 oil producer in 2015, surpassing Russia and Saudi Arabia, but fields in North Dakota and Texas will move past their peak in the next decade and the Middle East will reclaim its role as world leader in oil supply growth.

A high market price for oil will help stimulate drilling for light tight oil, the report says, but the resource is finite, and the low-cost suppliers are in the Middle East.

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