100 million barrels: The world hit a daily oil and liquids record

100 million barrels: The world hit a daily oil and liquids record
Source: Bloomberg
Date: 12-10-2018 Time: 11:10:43:am

The world is pumping out more oil and other petroleum liquids than ever before.

Global supply rose to 100.3 million barrels a day in the third quarter, the International Energy Agency said Friday in its monthly oil market report.

Output, which includes crude oil, natural gas liquids, biofuels and refinery processing gains, was 2.3 million barrels above the same period last year and 1.3 million barrels a day higher than the second quarter.

The new quarterly output record underscores how growing demand in the developing world requires new sources of supply in the short term, even as increasing sales of new energy vehicles and renewable power generation threaten the long-term growth of fossil fuels. The IEA sees production from outside the Organization of Petroleum Exporting Countries rising another 1.7 million barrels a day next year.

The output increase from the second quarter was led by OPEC, which boosted production by 500,000 barrels a day, and the Americas, which saw a rise of 400,000 barrels a day. Biofuel production also increased by 300,000 barrels a day from the previous quarter, according to the report.


Have your say  


More Business Headlines


What others are reading
Retraction and apology to GMA General Secretary, Dep. Information minister
UCL: Real Madrid suffer record home loss to CSKA Moscow
Guinness Ghana to increase raw material sourcing to 70% by 2020
Recapitalization: CAL Bank seeks approval to move GHc50m from income surplus