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

  • Quebec aerospace industry focused on US growth
  • $ Trillions needed to decarbonise global energy supply to meet Paris Agreement targets
  • Financial risks associated with emissions limits for Canada for oil and gas industries
  • Successful SpaceX human flight transport launch test of Dragon crew capsule, Elon Musk elated but "emotionally exhausted"
  • Drone use by business set to explode, worth $127B by 2020: PwC
  • Pipeline companies support new government regulations
  • Saudis will no longer provide "insurance policy" for high-cost oil producers
  • Pharmaceuticals, medical supplies lead June exports to 8-year high
  • Canada risks losing out in renewable energy revolution
  • Industrial Control System Security Essential to Businesses
  • Engineers use captured carbon to create new form of concrete
  • Handheld device detects bacteria on food in real time
  • Unusual hydrogen car could soon be built in UK
  • Manufacturing sales up in December but down for the year on weak energy sector
  • Jobs that are at risk of automation — and jobs that are not
  • Ontario to lose Toyota Corolla production but gain . . . ?
  • Canadian Governement should do more to have U.S. tarriffs removed say ministers in both Ontario and Quebec
  • Cars new and used dominate Canada's exports
  • BMW to invest 6 per cent of revenue in R&D; plans to streamline manufacturing to pay for research
  • Ontario trade mission to Korea focused on nuclear industry
Scroll to Top