IEA Warns about the Security of Future Oil Supply

Posted: 12/01/2014 04:12:41   Hits: 1865
IEA has declared that over the next 20 years, the global energy demand will increase rapidly, however, the energy supply around the world may not be sufficient enough to meet goals of climate change. It is due to continuous turbulence in the Middle East and unresolved conflict between Russia and Ukraine. IEA has warned about the security of future oil supply.  
 
It pointed out that since the middle of June, the global oil prices had fallen to $34 each barrel, the Brent spot crude oil prices had broken down to $80/barrel, which was the lowest in the past four years. The short term abundant supply in the global oil market could not ignore the future shortage of energy supply, because producers with relatively small energy output had increasing dependence on its import. 
 
It is predicted that global demand will go up 37% before 2040. Despite the fact that global resources can satisfy consumption growth, it still needs a lot of investment and policies to ensure development. Before 2030, it needs to invest $900 billion each year for global oil and gas upstream exploitation, so as to meet the expected demand growth. However, considering the present sharp decrease of oil prices, which discourages producers’ investment, IEA is not sure about the level of the investment. 
 
IEA indicated that future supply shortage would have great impact on oil consumers in Asia. Driven by the growing demand of transport and petrochemical industry, the global oil demand will increase from 90 million barrels each day in 2013 to 104 million barrels/day in 2040. However, it said that high oil prices and new policies would gradually limit the growth speed of consumption, which would come to the peak level.
 
It is declared that in the earlier 2030, oil consumption in the US will decline, while China will be thought to surpass America and become the biggest oil consumers around the world. Then India, South-east Asia, Middle East and Sub-Saharan African countries will become the engine of increasing global energy demand.

IEA Warns about the Security of Future Oil Supply
NO.2013 Valves catalog download
View and download valve product literature, sales brochures and more.
read more >>
News & Events
2018.07.23
The definition, characteristics and classification of butterfly valves
The definition, characteristics and classification of butterfly valves A butterfly valve is a rotary valve which is open or closed by rotating a disk-shaped, circular or rectangular closure member fo...
2018.05.30
Xinhai is going to participate in the Valve World Conference & Expo 2018
Xinhai Valve is going to participate in the 11th Valve World Conference 2018 in Germany, and our booth number is 3D01. You are very welcome to come and negotiate valve business with us. Exhibition in...
2017.08.30
What are Thread Valves?
A thread valve is the valve with the thread and can be classified into the internal thread valve and the external thread valve. This kind of valve is connected to the pipeline with the threaded connec...
2017.08.23
An Introduction of Swing Check Valves
A check valve is divided into the swing check valve (rotating around its center of gravity) and the lift check valve (moving along the axis). The check valve is one kind of the automatic valves, mainl...