Tag Archives: International Energy Agency (IEA)

OPEC member Venezuela last year produced more than 2 million bpd.

Saudi Arabia is the only producer with significant spare capacity around 2 million bpd.

In Asia. America’s closest allies Japan and South Korea have followed suit for now.

There is a great need for oil and gas nations to diversify their economy.

Many countries in Asia including India. Bangladesh and Indonesia have made great progress in providing access to electricity. but others lag behind.

Producers have already done a lot to ensure the market is well supplied.

The IEA said it looked in particular at Iraq. Nigeria. Russia. Saudi Arabia. the United Arab Emirates and Venezuela.

In its Gas 2018 annual report. the IEA said Chinese demand for natural gas will rise by almost 60 percent between 2017 and 2023 to 376 bcm.

There’s a strong challenge for the key producers to increase production and comfort the markets.

OPEC agreed in June to boost supply to make up for the expected disruption to Iranian exports.