Oil Trader: What does IEA Report mean for you?

Oil Trader: What does IEA
Report mean for you?

The International Energy Agency "IEA" reveals in its publication "World Energy Outlook 2013", an analysis analysts of future energy and leadership of countries producing energy.

According to the annual report of the Agency, the energy future, in particular oil, will not disappear and will even last much longer.

In its publication, the International Energy Agency devotes an entire chapter on Brazil and the discovery of vast oil reserves at 5000 meters deep on the coast of Santos and Campos (off Rio Janeiro). According to the study conducted by the agency, Brazil will double its production by 2020 increasing it to 4.1 million barrels per day and even triple in 2035 (6 million barrels per day) making it the sixth largest producer of crude.

In another chapter, the IEA study reveals another surprising fact. The discovery of new oil wells and the development of unconventional hydrocarbons, such as U.S. oil, which despite its quality of light liquid, will increase the US productivity up to 11 million barrels per day therefore becoming the world leader oil producer in 2015 and oil independent until 2035.

Thus, the oil production in deep water will fill a more important demand, especially in emerging countries such as China (the first largest importer in 2020) and eclipse the Middle East for fifteen years. 

However from 2020, the OPEC countries, particularly those in the Middle East once again will become again the market leaders and meet the huge demand (101 million barrels per day in 2035), which according to the agency will keep the crude oil prices to $ 128 a barrel and thus reassures investors and all consumers who feared a spike in prices in the short term

MBCFX Forex & CFDs Brokerage Firm