Will North America Be The Next Middle East?
The U.S. has attained the highest growth in oil and natural gas production in the world over during the last few years, and has become the most significant region for incremental production of oil and gas going forward.
The fast-growing hydrocarbon production in North America has been further aided by Canadian production, and a resumption of production from Mexico, which has spiked the growth rate beyond the benchmark rate that can be sustained by OPEC.
Given the increased production of hydrocarbons in North America, the U.S. has become a net petroleum product exporting country, due to lower demand of petroleum products and higher supply of natural gas, oil and natural gas liquids (NGL).
There are five sources with the potential to grow the production of liquids in North America, and these include oil from shale and tight sands, offshore oil in U.S. and Mexico, oil sands in Canada, natural gas liquids from increased production of natural gas, and bio-fuels.
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