IEA’s Birol says oil supply a concern… Reuters

by Jim Colburn • Wednesday, April 11, 2018

International Energy Agency’s Executive Director Fatih Birol is quoted in a Reuters article here

”The “growth in the United States alone is not enough to make me feel comfortable that there will be enough production in the future because of two reasons,” Birol said on the sidelines of the International Energy Forum.

First, global oil consumption is still growing strongly, gaining 1.5 million barrels per day (bpd) this year, driven by petrochemical, industrial and aviation demand, he said.

Second, some older, maturing fields are in decline.

 “Every year we’re losing (the equivalent of) North Sea production, which is 3 million barrels per day,” he said.”
And this:
””Our expectation for 2018 investment is only 40 percent of what we’ve seen in 2014 before prices collapsed,” Birol said.”

 

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