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OPEC global oil supply will start to increase from 2020

OPEC global oil supply will start to increase from 2020

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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OPEC global oil supply will start to increase from 2020

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information
International Energy Agency (IEA) said that with the rise in oil prices and other countries due to spending cuts and stagnation, the oil exporting countries (OPEC) in the global oil market, the proportion will rise from 2020.
IEA is currently expected, by 2020, the proportion of OPEC accounted for the global supply will remain at 41%, to 2025 rose to 44%, compared with a year ago IEA is expected to 2 percentage points higher. As oil prices rose to $80 / barrel, non OPEC member countries in the output growth rate will slow in the next five years, to 2020 stagnation.
OPEC last year to defend the market share, rather than cut to support the decision to support the price of oil, to curb the supply of U.S. shale oil and other competitors. IEA said that while the oil price fell 40% has led to a sharp decrease in OPEC income, but will eventually prove that oil prices are helping to increase production in OPEC member countries.
However, the growth of OPEC market share is not guaranteed. IEA said that under the political instability and security concerns, some of the most likely to increase the output of the country - Iran, Iraq and Venezuela - in attracting sufficient investment is facing severe challenges.
IEA said that if the global economic growth is less than expected, OPEC support for production will exceed expectations, or the U.S. shale oil supply is proved to be an accident, the oil price in the ten years may be maintained at close to $50 / barrel. Oil producing countries in the Middle East market share will rise to 40 years in this case, but OPEC revenue will decline by 25%.
IEA expects oil prices in 2016 and 2017 may be at the current level. The agency believes that if the oil price is low, then OPEC may reconsider policy.
IEA also said that by the 30's of this century, China will surpass the United States as the largest oil consuming countries. IEA believes that by 2040, China's energy demand will be higher than the u.s..
IEA said that by 2040, the U.S. oil demand will fall by 4000000 barrels / day, a decline of about 25%, mainly due to the fuel efficiency standards for passenger cars.
IEA also said that by 2020, China will become the largest oil importing country.
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