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Page added on December 12, 2013
Oil production outside Opec at modern peak
PRODUCTION outside the world’s traditional oil-rich nations has ballooned during the past year, rising to nearly half of the global output.
According to the latest report on the market by the International Energy Agency (IEA), countries outside the Organisation of Petroleum Exporting Countries (Opec) are producing the most that they have in decades.
States not included in Opec produced 43m barrels of crude oil per day this year, nearly half of the world’s total demand for oil, which rose to 91bn.
According to the group, US consumption of oil in November reached the highest one-month level since 2008, as the American economy returns to strength.
Forecasts for oil demand in the year ahead were also hiked, with 1.2m barrels per day now expected, up by over 100,000 barrels from the September prediction. The IEA had initially predicted demand for 895,000 barrels of oil per day this year.
Earlier this week, a separate report by the organisation noted the dependence of emerging south east Asian economies on coal for energy, predicting that they will increasingly move away from gas and towards coal over the rest of this decade.
The world’s energy markets have been transformed in the past year by the continual growth of US shale gas production. Earlier in the year, the IEA projected that the US will become practically self sufficient in energy, surpassing Russia as the world’s biggest supplier of gas.
Yesterday, Bank of America Merrill Lynch’s outlook for the year noted how the American economy has been boosted by changes in the energy market: “On a comparative basis, no other economy has been able to turn around its trade balance for energy so sharply in such a short period of time… This surge in relative competitiveness sets the US economy on a unique recovery path, reinforcing our bullish view.”
5 Comments on "Oil production outside Opec at modern peak"
Ron Patterson on Thu, 12th Dec 2013 1:20 pm
It is amusing how some people can read a report and still get it so wrong. This article was generated from the latest Highlights of the Latest OMR. http://omrpublic.iea.org/
The 43 mb/d was referring to crude but the 91 mb/d was total liquids. 43 mb/d is a lot more than half the total crude produced in November.
mo on Thu, 12th Dec 2013 1:39 pm
This is so full of holes
GregT on Thu, 12th Dec 2013 6:19 pm
There hasn’t been one single day go by, since 2008, that I haven’t heard somewhere, that the economy is improving. In the mean time, all that has really increased, is a massive mountain of debt.
How much longer can this continue, is anybody’s guess.
nemteck on Thu, 12th Dec 2013 8:44 pm
“….US will become practically self sufficient in energy…”
Is it stupidity or controlled disinformation? When talking about self-sufficiency, energy from all resources are combined to mask the fact the crude oil has to be imported for many years to come.
The US is importing about 8 Mb/d that is close the entire export of Saudi Arabia. That means that the US has to find a new Saudi Arabia to become self-sufficient in oil consumption. needless to say that this is impossible.
Stilgar on Thu, 12th Dec 2013 9:32 pm
“Earlier this week, a separate report by the organisation noted the dependence of emerging south east Asian economies on coal for energy, predicting that they will increasingly move away from gas and towards coal over the rest of this decade.”
I didn’t see the term ‘clean coal’ (i.e. if there is such a thing). There is no worldwide plan is there? It’s just tee off on whatever we can get our hands on and celebrate (supposed) economic recovery (in spite of US deficit near 700b and QE stimulus at 1 trillion annually) because it burns so much more oil, while doing a head fake on surpassing 2C (because profits and economic growth come first).