IEA: Russia's oil output to reach its peak in 2020

05 March, 2018, 16:09 | Author: Regina Silva
  • IEA: Russia's oil output to reach its peak in 2020

The U.S. will overtake Russian Federation to become the world's largest oil producer by 2023, accounting for most of the global growth in petroleum supplies, a top industry monitor said Monday.

The IEA expects global oil demand to increase by 6.9million barrels a day (mb/d) by 2023 to 104.7mb/d, with China remaining the main engine of demand growth.

Record oil production growth from the US, Brazil, Canada and Norway can keep the world well supplied through 2020.

Boosted by economic growth in Asia and a resurgent USA petrochemicals industry, global oil demand will increase by 6.9 million bpd by 2023 to 104.7 million, according to the IEA. Until 2015, the USA didn't export any crude oil by law, but in five years it is expected to be among the world's biggest exporters.

OPEC, the Organization of the Petroleum Exporting Countries, will increase capacity only modestly through 2023 because of sharply falling production in Venezuela, according to the energy agency forecast.

As a result, OPEC's crude oil capacity will grow by just 750,000 bpd by 2023. Together with the USA, those three countries will add enough barrels to meet growing consumption to the end of the decade, the IEA said. Output there is expected to double by 2023.

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Production in Saudi Arabia, OPEC's largest producer, fell 80,000 barrels a day to 9.88 million barrels, the survey found. Libya's output rose 70,000 barrels a day to 1.05 million, the highest since 2013.

"A large group of chemicals derived from oil and natural gas are crucial to the manufacture of many products that satisfy this rising demand", it added.

The IEA warned that companies will need to start spending again to avoid the potential for crude-oil shortages that could cause prices to surge.

"The United States is set to put its stamp on global oil markets for the next five years", said Fatih Birol, the IEA's executive director, in a statement.

Light, sweet crude oil for April delivery was down fractionally at $61.24 per barrel, while natural gas was down fractionally at $2.69 per million Btu.

The IEA predicts that within five years, the cushion of production capacity over expected demand will fall to its lowest level since 2007.

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