Iran’s oil output to reach 6 mb/d by 2040 - IEA
Baku, Azerbaijan, Nov. 16
By Emil Ilgar – Trend:
International Energy Agency estimated that Iran’s oil output would increase to 6 million barrels per day (mb/d) by 2040.
Iran currently produces about 3.7 mb/d.
“Growth in oil demand slows over the projection period, but tops 103 mb/d by 2040,” IEA said in its report.
“The world becomes increasingly reliant on expansion in Iran (which reaches 6 mb/d in 2040) and Iraq (7 mb/d in 2040) to balance the market. The focus for oil trade shifts decisively to Asia: the United States all but eliminates net imports of oil by 2040,” the report said.
Global oil supply stood at 97.8 mb/d in October 2016.
The global gas demand also is expected to increase by 50 percent by 2040.
“A cumulative $44 trillion in investment is needed in global energy supply in our main scenario, 60% of which goes to oil, gas and coal extraction and supply, including power plants using these fuels, and nearly 20% to renewable energies. An extra $23 trillion is required for improvements in energy efficiency”.