Global Oil Demands Will Slow Down in the Next Five Years
Posted: 08/11/2014 02:08:17 Edited: 08/11/2014 02:08:17 Clicks: 777
In the expectation of oil market in the next five years, IEA states that shale oil revolution which changes global oil situation will pervade North America ten years later. Meanwhile, the report points out that the increasing of global oil demands will slow down. Countries of OPEC have difficulties for productivity growth and regional imbalance of gasoline and diesel oil market is also rising gradually.
In the Report of Oil Market in Mid-term of 2014, IEA writes that except for the U.S., neither of countries can own the technology of shale oil while some countries are still trying to duplicate the success of the U.S. The report also predicts that total output of shale oil will reach 6.5 hundred thousand barrels per day except for the U.S. by 2019, including 3.9 hundred thousand barrels in Canada, 1 hundred thousand in Russia and 90 thousand in Argentina. By 2019, output of shale oil in the U.S. will increase to 5 million barrels per day which will be two times of 2013.
“We will continue focusing on the previous output growth of oil in North America, especially in the U.S. The U.S. will be able to become an oil net exporter ten years later.” An official of IEA said, when he reported in Pairs. Although OPEC still maintains the first position of oil supply at present, they are facing with giant difficulties on output growth.
Regional aging is a common problem that almost all of countries of OPEC are faced with. Geopolitics also needs to be considered. Security concerns are increasing gradually in oil producing countries. Some international oil corporations give up the ideas of investment. IEA reports that two thirds of productivity growth of OPEC will come from Iraq until 2019. It predicts conservatively that output of oil in Iraq will increase by 1.28 million barrels.
Annual report analyzes the problem of oil supply and demand, deal, refining and products supply. At the same time, the report estimates that global oil demands will increase by 1.3% annually, reaching 99.1 million barrels per day by 2019. The report also points out that the market expects to reach to a inflation point so that high oil prices, concerns on environment and cheap substitutes can restrain the increasing of oil demands. In general, the maximum of global oil demands will come.
In the Report of Oil Market in Mid-term of 2014, IEA writes that except for the U.S., neither of countries can own the technology of shale oil while some countries are still trying to duplicate the success of the U.S. The report also predicts that total output of shale oil will reach 6.5 hundred thousand barrels per day except for the U.S. by 2019, including 3.9 hundred thousand barrels in Canada, 1 hundred thousand in Russia and 90 thousand in Argentina. By 2019, output of shale oil in the U.S. will increase to 5 million barrels per day which will be two times of 2013.
“We will continue focusing on the previous output growth of oil in North America, especially in the U.S. The U.S. will be able to become an oil net exporter ten years later.” An official of IEA said, when he reported in Pairs. Although OPEC still maintains the first position of oil supply at present, they are facing with giant difficulties on output growth.
Regional aging is a common problem that almost all of countries of OPEC are faced with. Geopolitics also needs to be considered. Security concerns are increasing gradually in oil producing countries. Some international oil corporations give up the ideas of investment. IEA reports that two thirds of productivity growth of OPEC will come from Iraq until 2019. It predicts conservatively that output of oil in Iraq will increase by 1.28 million barrels.
Annual report analyzes the problem of oil supply and demand, deal, refining and products supply. At the same time, the report estimates that global oil demands will increase by 1.3% annually, reaching 99.1 million barrels per day by 2019. The report also points out that the market expects to reach to a inflation point so that high oil prices, concerns on environment and cheap substitutes can restrain the increasing of oil demands. In general, the maximum of global oil demands will come.
