What does it all mean?The world uses today nearly four billion tonnes of oil equiva-lent (TOE) of oil and natural gas liquids and 2.4 billion TOEof natural gas. Oil demand is projected bythe International Energy Agency to increase at an average rate of one percent per year over the nexttwo decades, while natural gas is expected to increase at nearly twice that rate because of thesurge in demand from non-OECDcountries. The share of gas within the overall hydrocarbon supplywill increase. The supply of oil is shifting to the Middle East and areas with deepwater basins andunconventional sources. Gas supply will come principally from Russia, Iran and Qatar for conven-tional gas and from North America for unconventional gas. Technologies such as liquefied naturalgas (LNG) will enable increased commercialization of those natural gas resources once consideredstranded assets. † The 30 OECDcountries include North America, most of Europe, Japan, South Korea, Australia and New Zealand
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