International Energy: oil supply may be less demand after 2020

International Energy: oil supply may be less demand after 2020

Date: 04/27/2017 10:22
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The International Energy Agency on Thursday that world oil supply may be less demand after the year 2020, unless the approval of new investments have not been conducted soon.

The agency said that global oil discoveries fell to a record low in 2016 at a time when shrinking corporate spending and the numbers of conventional oil projects that have been approved to the lowest level in more than 70 years, warning that both directions have Estmran this year.

She noted the IEA that oil discoveries fell to 2.4 billion barrels in 2016, compared with the average of nine billion barrels per year over the last fifteen years.

The agency added, "the traditional resources that have been approved in the development of last year, the volume fell 30 percent from the previous year to 4.7 billion barrels with a decline in the number of projects that have received a final investment decision to the lowest level since the forties."

She explained that the sharp slowdown in the activity of the traditional oil sector came as a result of lower investment by the decline in oil prices, adding that this is another reason for concerns about energy security at a time when rising geopolitical risks in some major producing countries such as Venezuela. Finished / 25

http://almaalomah.info/2017/04/27/economic/150700

Thursday April 27, 2017 13:07

/ Baghdad
announced that the International Energy Agency, on Thursday, the decline in world oil discoveries to its lowest level in 2016, warning of the continued decline in global oil investment demand growth forecast by 1.2 million barrels.

The International Energy said in a report and seen by Alsumaria News that "global oil discoveries fell to a record low in 2016 to 2.4 billion barrels in 2016 due, compared to an average of 9 billion barrels per year over the past 15 years," noting that " the size of the traditional resource - based development also fell last year to 4.7 billion barrels, down 30% from the previous year."
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The sharp slowdown was in activity in the traditional oil sector as a result of lower investment spending driven by a decline in oil prices, which raises an additional cause for concern for the security of global energy at a time when geopolitical risks are increasing in some major producing countries, such as Venezuela .

Showed international energy that "stagnation in the traditional oil sector contrasts with the flexibility of oil shale industry in the United States , which rebounded investment sharply increased production, on the back of lower production costs by 50% since 2014 , " adding that " the growth in the production of oil shale in the United States , it has become a key factor in achieving a balance between the low activity in the traditional oil industry. "

The traditional oil production of 69 million barrels per day , the largest share of global oil output of 85 million barrels per day. In addition, 6.5 million barrels per day comes from the production of fluid from the American shale play, and the rest consists of natural gas liquids and other sources of non - conventional oil , such as oil sands and heavy oil.

The International Energy confirmed that " a sharp slowdown in activity in the traditional oil sector comes as a result of lower investment spending driven by a decline in oil prices , which raises an additional cause for concern for the security of global energy at a time when geopolitical risks are increasing in some major producing countries, such as Venezuela."

It warned the International Energy Agency of " the continuation of the oil investment decline in global demand growth forecast by 1.2 million barrels , which leads to tighter supplies," expected to "decline Exploratory spending again in 2017 for the third consecutive year to less than half the 2014 levels."

Founded the International Energy Agency in 1974, it was initially designed to help countries a collective response to major disruptions in oil supply coordination.

The International Energy Agency is examining a full range of energy issues , including oil, gas, coal demand and supply, renewable energy technologies, and calls for the International Atomic Energy Agency through its work to develop policies that promote energy reliability and sustainability and sustainability in its member countries and the 29 countries and abroad.


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