Opec predicts massive rise in oil production over next five years

| September 27, 2018 | Leave a Comment

Belly of Plane

Item Link: Access the Resource

Media Type: Article - Recent

Date of Publication: September 23, 2018

Year of Publication: 2018

Author(s): Adam Vaughan

Newspaper: The Guardian

Categories: ,

Increasing demand from airlines will more than offset reductions from electric cars.

World oil production will soar to new records over the next five years, as a dramatic expansion in demand from airlines offsets the arrival of electric cars, according to a report from Opec.

In a forecast that will dismay environmentalists – and which questions the theory that oil company reserves will become “stranded assets” – Opec’s annual report significantly revised production estimates upwards.

Most of the production increase will come from countries outside Opec, led by explosive growth from frackers in the United States, with China and India leading the increase in demand.

Read the complete article here.

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