{"id":58257,"date":"2021-06-15T06:09:11","date_gmt":"2021-06-15T11:09:11","guid":{"rendered":"https:\/\/olduvai.ca\/?p=58257"},"modified":"2021-06-15T06:09:11","modified_gmt":"2021-06-15T11:09:11","slug":"oil-markets-baffled-as-the-iea-calls-for-more-production","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=58257","title":{"rendered":"Oil Markets Baffled As The IEA Calls For More Production"},"content":{"rendered":"

Oil Markets Baffled As The IEA Calls For More Production<\/a><\/h3>\n
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In its latest Monthly Oil Report, the IEA called on OPEC+ to increase production in order to counter higher demand in 2022.<\/p>\n

The agency claimed that, based on current global economic growth expectations, demand for crude oil and petroleum products will be reaching pre-COVID levels by 2022. The Paris-based energy watchdog, which has come under fire after its shocking Net-Zero by 2050 report called for no more investments in oil and gas, stated that \u201cOPEC+ needs to open the taps to keep the world oil markets adequately supplied\u201d.\u00a0\u00a0At the same time, the IEA has also reiterated that market realities are at odds with its proposed strategies to reach net zero-emission levels by 2050. Criticism will likely be harsh for the \u201cformer\u201d leading oil and gas agency, as the agency has called upon the world to double down on renewables and commit to the Paris Agreement while admitting that the global economy continues to demand vast amounts of hydrocarbons.<\/p>\n

The relevance of some of these reports will have to be reassessed, especially when looking at the high-profile \u201cGolden Age of Gas\u201d report and the \u201cNet Zero by 2050\u201d roadmap. When asked what needs to be done, the IEA indicated that the call on OPEC+ will be very strong, as the international oil and gas producers group will need to increase crude oil supply to the market by 1.4 million bpd in 2022. Which would mean a significant increase over its current July 2021-March 2022 targets.<\/p>\n

The demand expectations of the IEA fall in line with some others, as OPEC, the EIA, and independent consultants, have stated before that demand for oil is going to increase substantially. Some even expect volumes in 2022 to be higher than 2019 levels, even as prices are increasing substantially.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil Markets Baffled As The IEA Calls For More Production In its latest Monthly Oil Report, the IEA called on OPEC+ to increase production in order to counter higher demand in 2022. The agency claimed that, based on current global economic growth expectations, demand for crude oil and petroleum products will be reaching pre-COVID levels […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","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":[416,433,30673,31338,589,595,5332,25704],"class_list":["post-58257","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-iea","tag-international-energy-agency","tag-net-zero","tag-oil-and-gas-industrycyril-widdershoven","tag-oil-demand","tag-oil-production","tag-oilprice-com","tag-opec-2"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58257","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=58257"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58257\/revisions"}],"predecessor-version":[{"id":58258,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58257\/revisions\/58258"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}