{"id":1560,"date":"2014-11-13T19:11:48","date_gmt":"2014-11-14T00:11:48","guid":{"rendered":"http:\/\/olduvai.ca\/?p=1560"},"modified":"2014-11-13T19:11:48","modified_gmt":"2014-11-14T00:11:48","slug":"iea-says-oil-supplies-may-not-keep-up-with-demand","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=1560","title":{"rendered":"IEA Says Oil Supplies May Not Keep Up With Demand"},"content":{"rendered":"

IEA Says Oil Supplies May Not Keep Up With Demand<\/a>.<\/p>\n

Despite what appears to be a saturated oil market in 2014, oil producers around the world will struggle to meet rising demand over the next few decades.<\/p>\n

In its latest annual\u00a0World Energy Outlook<\/a><\/em>, the International Energy Agency (IEA) warned that the current period of oil abundance may be fleeting, and in fact, without heroic levels of production increases, oil markets will grow dangerously tight in the coming years.<\/p>\n

<\/span>Global oil demand<\/a>\u00a0is expected to increase by 37 percent by 2040, with a dominant proportion of that coming from developing countries \u2013 i.e. China and India. In fact, the IEA says that for every barrel of oil the industrialized world expects to eliminate from demand through efficiency or other ways of reducing demand, developing countries will burn through two additional barrels.<\/span><\/p>\n

\n

The IEA predicts that the world will need to extract an additional 14 million barrels of oil per day (bpd) by 2040, which comes on top of today\u2019s production levels of about 90 million bpd. While there is a lot of triumphalism in the United States about shale oil production and how places like the Bakken and the Eagle Ford have ushered in an era of abundance, the IEA says that tight oil production in the U.S. \u2013 along with Canadian oil sands \u2013 will only last until the mid-2020\u2019s.<\/span><\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

IEA Says Oil Supplies May Not Keep Up With Demand. Despite what appears to be a saturated oil market in 2014, oil producers around the world will struggle to meet rising demand over the next few decades. In its latest annual\u00a0World Energy Outlook, the International Energy Agency (IEA) warned that the current period of oil […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[416,595,596,1090],"class_list":["post-1560","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-iea","tag-oil-production","tag-oil-supply","tag-world-energy-outlook"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1560"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1560\/revisions"}],"predecessor-version":[{"id":1561,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1560\/revisions\/1561"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}