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

  • China Opens Solar Highway, Closes in Under a Week
  • A supersonic jet with no front window? NASA's X-59 uses a 4K monitor instead.
  • Top seven pieces of exciting new tech that will soon become mainstream
  • Promise of more investment in auto industry but no specifics
  • Yummmy Technology? Meet Redefine Meat – 3D Printing Prime Cuts
  • NASA Keeping an Eye on Tesla Roadster
  • Calgary tech company says radio frequency oil extraction tests were successful
  • Bombardier promises to deal with Toronto's streetcars, while CSeries sales take off
  • Tech sector larger, more important to economy than previously thought: study
  • Long March 3B rocket launch destroys home as lower rocket booster crashes during launch
  • US energy self-reliance, pipeline uncertainty put Canada's energy sector at risk
  • Eleventh hour intervention by Marchionne secured Fiat Chrysler deal
  • First drone crash with a commercial aircraft in Canada triggers safety review and possible new rules
  • Natural gas industry outlines challenges, opportunities in Canada
  • Ontario homebuilder first to offer power storage system as option
  • Netherlands company to test plastic road construction
  • Lockheed Martin seeking industry partners in new innovation and research facility
  • Ontario space firm wins $65 million satellite contract
  • Ontario on track to lead country in employment, economic growth
  • Local Ford union rebellion over GM contract threatens pattern bargaining
Scroll to Top