Oil Production Exceeds 100 Million Barrels a Day for the First Time
Even as automakers introduce new hybrids and EVs, oil production reached a new record during the third quarter
With all the talk of electric vehicles across the automotive industry, it may be easy to assume that oil use and production would be down. However, the exact opposite appears to be true.
The International Energy Agency recently revealed that the global supply of oil and liquids reached a new record of 100.3 million barrels a day during 2018’s third quarter.
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This is the first time that oil production has exceeded a daily average of 100 million barrels. It’s also 2.3 million barrels above where oil production was at a year ago.
Even during the second quarter of 2018, daily oil production only reached 99 million barrels. Additionally, production of oils and other petroleum-based liquids shows no signs of slowing down in the near future.
The output figure is not limited to traditional oil production. It also includes natural gas, various other biofuels, and refinery processing.
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OPEC production increased by 500,000 barrels a day between the second and third quarters of the year. Meanwhile, American oil production rose by 400,000 barrels a day during the same period.
By next year, the International Energy Agency predicts that oil production for countries outside of OPEC will increase another 1.7 million barrels a day. When OPEC’s own production is accounted for, it seems extremely likely that oil production will still surpass 100 million barrels a day come this time next year.
Eventually, EVs, hybrids, and self-driving cars may very will curb oil consumption, which will in turn decrease oil production. Still, until these modes of transportation become mainstream, consumers’ thirst for oil will continue to be satiated.
News Source: Bloomberg