The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Oil pumpjacks are seen near the Belarussian village of Kaporovka, some 300 km (186 miles) southeast of Minsk, June 12, 2013.
Oil pumpjacks are seen near the Belarussian village of Kaporovka, some 300 km (186 miles) southeast of Minsk, June 12, 2013.
(Vasily Fedonseko/Reuters)

FINANCIAL TIMES

The epicentre of world energy moves out of Middle East

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

If the centre of world energy moved out of the Middle East, there would be sighs of relief in many places. The headline numbers from BP’s Statistical Review of world energy for 2013, published this week, suggest that something like this may be happening. Not only is U.S. oil and gas production booming – up 14 per cent in 2012 over 2011, faster than all producers except recovering Libya – but its reserves of shale are changing the energy landscape both locally and globally.