Global supply rose to 100.3 million barrels a day, world's daily oil & liquids record
World oil and liquids supply surpassed 100 million barrels a day for the first time
- 3Q production rises to 100.3 million barrels a day, IEA says
- OPEC, Americas and biofuels lead increases in global output
Petroleumworld 10 12 2018
The world is pumping out more oil and other petroleum liquids than ever before.
Global supply rose to 100.3 million barrels a day in the third quarter, the International Energy Agency said Friday in its monthly oil market report. Output, which includes crude oil, natural gas liquids, biofuels and refinery processing gains, was 2.3 million barrels above the same period last year and 1.3 million barrels a day higher than the second quarter.
The new quarterly output record underscores how growing demand in the developing world requires new sources of supply in the short term, even as increasing sales of new energy vehicles and renewable power generation threaten the long-term growth of fossil fuels. The IEA sees production from outside the Organization of Petroleum Exporting Countries rising another 1.7 million barrels a day next year.
The output increase from the second quarter was led by OPEC, which boosted production by 500,000 barrels a day, and the Americas, which saw a rise of 400,000 barrels a day. Biofuel production also increased by 300,000 barrels a day from the previous quarter, according to the report.
Story by Dan Murtaugh from Bloomberg News.
bloomberg.com 10 12 2018
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