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Record-breaking oil production growth from the United States, Brazil, Canada and Norway is expected to ensure a global supply-demand balance
by 2020.
IEA: Global oil supply and demand will remain balanced by 2020
According to the International Energy Agency (IEA), more investment is needed after 2020 to boost oil production
.
Over the next three years, the IEA said U.
S.
production alone will meet four-fifths of global oil demand growth, with Canada, Brazil and Norway meeting remaining demand
.
With investment in the oil sector declining for two consecutive years in 2015 and 2016, combined with reduced upstream spending outside the U.
S.
, the industry will need additional investment beyond 2020 to spur supply growth
.
The IEA expects global oil demand to increase from 6.
9 million b/d to 104.
7 million b/d by 2023, with China remaining the main driver
of demand growth.
In addition, tougher policies and regulations will curb air pollution and the increasing use of electric vehicles, and the rate of demand growth will slow
slightly.
Dr.
Birol, Executive Director of the IEA, said: "The United States will lead the global oil market
in the next 5 years.
But as we have repeatedly emphasized, weak global investment remains a concern, and more investment is needed to compensate for the decline
in oilfield production.
”
，
Record-breaking oil production growth from the United States, Brazil, Canada and Norway is expected to ensure a global supply-demand balance
by 2020.
IEA: Global oil supply and demand will remain balanced by 2020
IEA: Global oil supply and demand will remain balanced by 2020According to the International Energy Agency (IEA), more investment is needed after 2020 to boost oil production
.
Over the next three years, the IEA said U.
S.
production alone will meet four-fifths of global oil demand growth, with Canada, Brazil and Norway meeting remaining demand
.
With investment in the oil sector declining for two consecutive years in 2015 and 2016, combined with reduced upstream spending outside the U.
S.
, the industry will need additional investment beyond 2020 to spur supply growth
.
The IEA expects global oil demand to increase from 6.
9 million b/d to 104.
7 million b/d by 2023, with China remaining the main driver
of demand growth.
In addition, tougher policies and regulations will curb air pollution and the increasing use of electric vehicles, and the rate of demand growth will slow
slightly.
Dr.
Birol, Executive Director of the IEA, said: "The United States will lead the global oil market
in the next 5 years.
But as we have repeatedly emphasized, weak global investment remains a concern, and more investment is needed to compensate for the decline
in oilfield production.
”
，
