Baku, Azerbaijan, March 5
By Leman Zeynalova – Trend:
Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, the International Energy Agency (IEA) said in its Oil 2018 report.
But more investment will be needed to boost output after that, according to the report.
Over the next three years, gains from the United States alone will cover 80 percent of the world’s demand growth, with Canada, Brazil and Norway able to cover the rest.
Despite falling costs, additional investment will be needed to spur supply growth after 2020.
IEA analysts said that the oil industry has yet to recover from an unprecedented two-year drop in investment in 2015-2016, and the IEA sees little-to-no increase in upstream spending outside of the United States in 2017 and 2018.
Global oil production capacity is forecast to grow by 6.4 million barrels per day (mb/d) to reach 107 mb/d by 2023.
“Thanks to the shale revolution, the United States leads the picture, with total liquids production reaching nearly 17 mb/d in 2023, up from 13.2 mb/d in 2017,” said the report.
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