IEA: Russia's oil output to reach its peak in 2020
05 March, 2018, 16:09 | Author: Regina Silva
The U.S. will overtake Russian Federation to become the world's largestoil 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.
Fiercely opposed to her open-door refugee policy, Spahn has advocated a sharp conservative shift to coax back voters from the AfD. But after Merkel's attempt to cobble together a government with two smaller parties failed, the SPD relented.
He rejected the "perception" that China was using the Belt and Road Initiative as a geopolitical tool as a misrepresentation. However, proportionally, China's defense spending is less than other major countries, he said.
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In Sunday's other games, Lyon is at Montpellier and Caen - which reached the French Cup final this week - faces Strasbourg. It's the first time, he needs to keep on working", PSG coach Unai Emery said.
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The National Consumer Commission will now work with manufacturers to ensure no affected products are sold, Motsoaledi said. This is because polony is stored together with other ready to eat meats at retailers and can lead to cross-contamination.
Swansea climbed out of the relegation zone and pushed West Ham deeper into trouble with a 4-1 win at the Liberty Stadium. Liverpool's next league game is a trip to Old Trafford on Saturday, when the battle for second spot heats up.
According to the partial results , the League captured around 18 percent of the vote, while Forza Italia had less than 14 percent. Claudio Borghi of the League told Sky that the election results send a clear message to Brussels.
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