New US production is reshaping oil markets, says IEA

The rise of US tight oil is revolutionising global markets in a way that will produce new winners and losers over the next five years

 The rise of US tight oil production will reshape the global market over the next five years, Maria van der Hoeven, the executive director of the International Energy Agency (IEA), claimed at the launch of the organisation's Medium-Term Oil Market Report. "There is hardly any aspect of the global oil supply chain that will not undergo some measure of transformation over the next five years, with significant consequences for the global economy and oil security," the IEA report said. The report explores many of the ways the global market will be transformed. Here are some of the highlights: Centre of gravity shifts from Opec to North America North America will drive supply growth over the next