International Energy Agency estimated that Iran’s oil output would increase to 6 million barrels per day (mb/d) by 2040.
Iran currently produces about 3.7 mb/d.
Growth in oil demand slows over the projection period. but tops 103 mb/d by 2040. IEA said in its report.
The world becomes increasingly reliant on expansion in Iran (which reaches 6 mb/d in 2040) and Iraq (7 mb/d in 2040) to balance the market. The focus for oil trade shifts decisively to Asia: the United States all but eliminates net imports of oil by 2040. the report said.
Global oil supply stood at 97.8 mb/d in October 2016.
The global gas demand also is expected to increase by 50 percent by 2040.
A cumulative $44 trillion in investment is needed in global energy supply in our main scenario. 60% of which goes to oil. gas and coal extraction and supply. including power plants using these fuels. and nearly 20% to renewable energies. An extra $23 trillion is required for improvements in energy efficiency.
Tags Asia Coal Efficiency International International News Agency International Organizations Investment Iraq North America Oil Supply Oil Trade Persian Gulf Countries Power Plant Trade United States of America
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