International Energy Agency forecasts big increase in demand to give North Sea producers cause for optimism

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The IEA has raised its forecast for 2017 to 1.5 million barrels per day from 1.4 million but more importantly, it anticipates an additional 1.4 million in 2018. This fits in with, perhaps underestimates earlier predictions of shortages and massive increases in demand from Asian countries:

Refiners begin scramble for crude oil supplies. Now who do we know with lots of that? Oh yes, we do.

Independent Scotland’s oil wealth is assured as Aramco chief predicts huge shortages

Producers should find encouragement from demand, which is growing year-on-year more strongly than first thought,”

https://www.cnbc.com/2017/08/11/reuters-america-update-2-iea-says-strong-oil-demand-growth-helping-market-rebalance.html

 

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5 thoughts on “International Energy Agency forecasts big increase in demand to give North Sea producers cause for optimism

  1. Contrary August 17, 2017 / 6:46 am

    Superb, Herriot Watt University are saying that onshore fracking is not viable in Britain (Scotland), they say that the debate is 55million years too late as geology shows natural fracking already happened here. I think fracking onshore is madness when we still have huge resources off-shore, with established infrastructure and know-how, and perhaps we should start reducing our reliance on gas and oil for heating (it works very well, can electric systems work as well?).

    And remarkably, by sheer coincidence, this comment is actually almost relevant to the above article!

    Like

  2. Contrary August 17, 2017 / 6:01 pm

    *smug 🙂 *

    Like

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