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Page added on October 12, 2018
100 Million Barrels: The World Hit a Daily Oil and Liquids Record
The world is pumping out more oil and other petroleum liquids than ever before.
Global supply rose to 100.3 million barrels a day in the third quarter, the International Energy Agency said Friday in its monthly oil market report. Output, which includes crude oil, natural gas liquids, biofuels and refinery processing gains, was 2.3 million barrels above the same period last year and 1.3 million barrels a day higher than the second quarter.
100 Million Strong
World oil and liquids supply surpassed 100 million barrels a day for the first time
Source: International Energy Agency
Note: Supply includes crude oil, natural gas liquids, biofuels and refinery gains
The new quarterly output record underscores how growing demand in the developing world requires new sources of supply in the short term, even as increasing sales of new energy vehicles and renewable power generation threaten the long-term growth of fossil fuels. The IEA sees production from outside the Organization of Petroleum Exporting Countries rising another 1.7 million barrels a day next year.
The output increase from the second quarter was led by OPEC, which boosted production by 500,000 barrels a day, and the Americas, which saw a rise of 400,000 barrels a day. Biofuel production also increased by 300,000 barrels a day from the previous quarter, according to the report.
9 Comments on "100 Million Barrels: The World Hit a Daily Oil and Liquids Record"
Richard Guenette on Fri, 12th Oct 2018 1:28 pm
I don’t allow myself to be manipulated by the US media, which is why I think for myself.
Richard Guenette on Fri, 12th Oct 2018 2:02 pm
We need to consume less resources. There is an old saying: “Only after the last fish has been caught, only after the last tree has been cut down, only after the last river has been poisoned, only then you will find out that money cannot be eaten”.
rockman on Fri, 12th Oct 2018 2:43 pm
Richard – I’m not sure where you see Bloomberg is tying to manipulate you. First,that number isn’t theirs. Second, I don’t see where it is trying to sell it as a good or bad development. From my perspective 85 mm bopd or 100 mm bopd it matters very little. Either way the global fossil fuel consumers are putting a lot of GHG into the atmosphere. As a former seller of oil I would be much happier seeing less oil being produced: high global production only puts downward pressure on the oil II would be selling.
Or, more bluntly, I don’t give s crap how much oil the world is selling…just how much I’m selling. LOL
dave thompson on Fri, 12th Oct 2018 2:45 pm
Pumping like never before, meanwhile total new discoveries continue the downward spiral.
Sys1 on Fri, 12th Oct 2018 3:05 pm
100 mbpd is not an achievement, it’s a curse.
Mark Ziegler on Fri, 12th Oct 2018 3:59 pm
At 100 million a day consumption for the world the Strategic Oil Reserve would only last 7 to 8 days.
https://www.ft.com/content/841f72d6-a4a7-11e8-926a-7342fe5e173f
Mister French on Fri, 12th Oct 2018 4:04 pm
ROCKMAN…ME, MYSELF and I….spoken like a true ugly American pig
Sammy on Fri, 12th Oct 2018 7:24 pm
100 MBPD will be the all time peak. Buckle up buddy boy
Peter Saul on Sat, 13th Oct 2018 6:48 pm
Is bio-fuel that comes from plants considered an oil, if so then I will call all wagons and hatchbacks as SUVs.
Here are the list of some of our newly defined SUVs in USA.
Kia-Soul
Kia-Niro
Hyundai-Ioniq
Toyota-Prius
Buick Regal
Buick Regal-TourX
VW Golf
VW Sportwagen
VW Alltrack
Chevy Cruze-Hatch
…
Will IEA approve this?