The global energy revolution

Find below the executive summary of the International Energy Agency’s overnight release of its World Energy Outlook 2012. There are some quite incredible factoids in this document including:

the US is set to overtake Saudi Arabia in 2020 as the world’s largest oil producer
the US is set to become energy self-sufficient
unconventional gas supplies are set to supply half of expanding global supplies
global LNG markets are set to converge and pricing mechanisms will too
Iraq is set to be the swing producer in oil markets
water is set to become very valuable indeed

In short, energy is about to reshape the world. I thoroughly recommend you read it.

Iea

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.