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Oil 2019, the International Energy Agency’s annual outlook for global oil markets, examines the key issues in demand, supply, refining and trade to 2024. This year, the report covers the following themes:
- A changed supply picture led by the rise of the United States in world markets thanks to rapidly-growing shale oil production, as it becomes a net exporter of crude oil and products;
- Supply growth in the non-OPEC world, including Brazil, Canada, Norway and Guyana; and a falling capacity for the OPEC producers;
- Demand growth underpinned by China and India and by the growing importance of petrochemicals as the industry invests to meet rising consumer demand;
- And a detailed analysis of how the refining industry is grappling with the International Maritime Organisation’s new marine fuel rules, growing excess capacity, and the changing patterns of global oil trade.