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

Gulf Times Business - - BUSINESS -

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

Global sup­ply rose to 100.3mn bpd in the third quar­ter, the In­ter­na­tional En­ergy Agency said on Fri­day in its monthly oil mar­ket re­port. Out­put, which in­cludes crude oil, nat­u­ral gas liq­uids, bio­fu­els and re­fin­ery pro­cess­ing gains, was 2.3mn bar­rels above the same pe­riod last year and 1.3mn 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 Or­gan­i­sa­tion of Petroleum Ex­port­ing Coun­tries ris­ing an­other 1.7mn bpd next year.

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

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