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U.S. boom transforming global oil trade

9:33 PM, May 14, 2013  |  Comments
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The surge in oil production in the U.S. and Canada and shrinking oil consumption in the developed world is transforming the global oil market.

The threat of chronic oil shortages is all but gone, U.S. dependence on Middle Eastern oil will continue to dwindle, and oil will increasingly flow to the developing economies of Asia, according to a five-year outlook published Tuesday by the International Energy Agency.

The report paints a picture of a world with plenty of oil to meet modestly growing demand. Where the oil is coming from, and where it is going, is changing dramatically, according to the IEA, an energy security and research organization based in Paris that serves 28 oil-importing countries, including the U.S.

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