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 NORTH
AMERICA
Oil production in North America peaked in 1973 and has
been declining slowly ever since. Although onshore oil output is rapidly
diminishing, this is partly offset by growing production from the Gulf
of Mexico and from offshore eastern Canada. However offshore output
increases are expected to cease by 2013.
 North
American gas production has been almost flat for a decade, constrained
by flat US demand. But with onshore gas production peaking in 2009, and
only modest growth in offshore output, total gas production is expected
to peak around 2012 before slowly declining.
North American oil demand is rising steadily after a flat
period in the earlier years of this millennium. After 2011, however,
demand will be constrained by higher prices and a rising import bill for
the USA.
Gas demand has also begun to increase following years of
slow or zero growth. Increases are forecast to accelerate as the US
looks to gas as an alternate energy source in the transport sector and
as Canada uses larger volumes in its expanding oil sands industry. Thus
North America (USA) will soon be importing ever increasing quantities of
LNG from plants throughout the world.
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