Reliance on OPEC nations to rise: IEA
Global dependency on the Organization of Petroleum Exporting Countries for crude oil will rise in the next five to 10 years as output by non-OPEC nations falls, the head of the International Energy Agency (IEA) said Friday.
“We have seen an increase in non-OPEC supplies. But in the mid-term, non-OPEC production will decline,” Nobuo Tanaka, the agency’s executive director, told reporters on the sidelines of a conference in New Delhi.
“So dependency on OPEC oil will increase,” he said.
As long as we continue to design the American lifestyle around oil we will continue to export hundreds of billions of dollars overseas to OPEC, making the US balance of payments continue into the deep red, weakening our currency, and make several less-than-ideal governments very rich.