The ripple effects of the North American energy boom are being felt across the Middle East, Russia and China, consultancy Deloitte said in a latest report.
The trend from major importer to soon-to-be exporter will result in new sources of supply and increased competition. It has potential to reshape the global geopolitical landscape and create greater interdependencies among nations, the report said.
The 2014 Oil and Gas Reality Check report, released on Monday, was produced by Deloitte Touche Tohmatsu Limited (DTTL), a UK-based private company and a Deloitte member firm.
Adi Karev, a senior analyst with DTTL, said this year energy markets have been marked by geopolitical motivations and pragmatism to an extent never seen before.
The U.S. is currently positioned to be a net exporter of natural gas by the end of this decade, based on projections from the U.S. Energy Information Administration, the report said.
"Some fear this growing feeling of self-sufficiency will translate into greater (U.S.) isolationism and a reluctance to remain engaged in international affairs.
"However, I believe that this scenario is unlikely as we begin to see new sources of supply and greater competition for demand, particularly in Asia Pacific," Karev said.
The effect of the North American energy revolution will be felt in fewer energy-related tensions across Eurasia, as well as in the continuation of efforts by the U.S. to maintain its role as keeper of the global balance of power, Karev said.
New suppliers are challenging the dominance of the OPEC and Russia, in the process altering the geopolitical landscape.
"Increased U.S. domestic output, as well as production growth in Canada, Mexico, Brazil and Kazakhstan, will re-shape global oil and gas markets and the geopolitical landscape.
"We are likely to see decreased dominance of traditional producers, mainly OPEC countries and Russia, that will be challenged, and they will be forced to compete more aggressively to maintain their market share and influence," said Karev.
According to the report, China's oil and gas industry is in the midst of a change which includes a series of significant reforms and a possible restructuring.
Focusing on energy security, China is speeding up its exploration and development activities both off shore and on shore. Possessing vast shale resources, China is strengthening its upstream as well as its refining and chemical capacity, the report said.
"The growing economy will continue to place strong demand on energy as the country's transportation and chemical sectors lead the way. It is therefore widely accepted that the consumption curve will continue its advance upwards," said Karev.