Trends and Implications in Recent Oil and Gas Demand and Supplies Worldwide: Focusing on Major Producers and Consumers

Jin-Young Moon (), Yun-ok Kim () and Seuk-hoon Baik ()
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Jin-Young Moon: Korea Institute for International Economic Policy
Yun-ok Kim: Korea Institute for International Economic Policy
Seuk-hoon Baik: Korea Institute for International Economic Policy

No 13-4, World Economy Brief from Korea Institute for International Economic Policy

Abstract: The World Energy Outlook 2012, released by the International Energy Agency (IEA) in November 2012, projects that the United States would become the largest global oil producer by 2020. As unconventional gas, primarily shale gas, is rapidly emerging as a major alternative to other sources of energy, it is expected that the importance of natural gas in the global energy mix will keep growing. European countries have already begun to voice worries that cheap natural gas supplies available in the United States would enhance the comparative advantages of American companies in terms of energy costs, in turn, weakening the competitiveness of European companies. The following report provides a timely review of the recent trends in oil and gas demand and supplies worldwide. It also analyzes the World Energy Outlook 2012 to draw out implications pertinent to Korea's energy policy.

Keywords: Oil; Gas; Energy (search for similar items in EconPapers)
Pages: 5 pages
Date: 2013-01-28
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