Supply of oil at record highs, at 100 million barrels a day for the “first time ever”; expected to grow

Not only did oil supply reach a new record, at 100 million barrels a day, but demand is also expected to increase through 2019, according to the International Energy Agency. Despite moves into greener energy solutions, oil continues to surge in production, particularly in OPEC nations and the U.S.

The agency indicated that production will only moderate because of bottlenecks in supply, not reduction in demand. OPEC (Organization of Petroleum Exporting Countries) still represents at least 33 per cent of production.

Although there were declines in Iran — who face U.S. sanctions — output increased in other countries, such as Saudi Arabia, Nigeria, Iraq and Libya. There may be pressure on prices due to reduced Iranian and Venezuela exports.

 

 

Although demand slowed, especially in Europe and Asia, the forecast from the agency remains steady, with demand projected to increase by another 1.4 million barrels a day in 2018 and 1.5 million in 2019. Long-term forecasts do project an overall peaking demand by 2036, in part due to the growing shift towards electric vehicles and hybrid.

 

Did you miss this?

Other Popular Stories

  • Strong manufacturing output lifts GDP in October
  • Honda Canada makes its 7-millionth car, a Civic EX Sedan
  • Housing starts, employment, up sharply in May
  • Economy grew fastest in north, west in 2012: Statistics Canada
  • Auto sales surging in North America, plunging in Russia
  • Diesel emissions fallout continues: US. to sue Chrysler Fiat if talks fail
  • UC engineers create first semiconductor-free microelectronics device
  • Manufacturing sales up in December but down for the year on weak energy sector
  • 91% of coal-fired power plants are leaking toxic chemicals into groundwater: report
  • Irving Oil to build new marine terminal in NB to handle new crude from Alberta
  • Robocop becomes real-world: robot law enforcement in Dubai may bring Robocop to a neighborhood near you
  • Pratt & Whitney Canada to invest $275 million in Quebec plant
  • World's biggest gold-copper mine wins government approval in BC
  • Oil & Gas Report: Iran sanctions not priced into Brent "room for a runup in prices towards the end of the year"
  • June a very good month for manufacturers
  • Ford to boost profits by cutting 1400 salaried workers in North America and Asia
  • Detect lung cancer with a nanotech breathalizer? It works, four out of five times, could revolutionize cancer screening
  • Hopes high for Bombardier CSeries breakthrough at Farnborough Airshow
  • Ontario's manufacturing output "robust" in May: RBC
  • Ghost ships: are we ready for autonomous super ships? BHP Billiton thinks we are, plans to utilize automated ships
Scroll to Top