Global hydrocarbon supply to 2035

A worldwide glut of crude oil, partially fuelled by the US shale revolution, has thrown the market off balance causing prices to plummet to historic lows, according to a new report from Stratas Advisors entitled Global Hydrocarbon Supply Outlook.

Report highlights

Crude oil and condensate production

• After a dip in 2016 (driven by the historical low oil price), global crude oil and condensate production is projected to continue to grow (with average annual growth rate of about 1.3%) to about 104 million bpd in 2035 from current level of about 82 million bpd.
• The Middle East will continue to be the top producing region with about 35% of world production. North America and Russia-CIS will account for about 16% of the global production in the forecasting period.
• Offshore deep and ultra-deep water production will increase to about 10 million bpd from about 7 million bpd currently.

Dry natural gas production

• Globally, it will rapidly increase in the medium to long term and reach ~525 billion ft³/d by 2035, increasing about 56% from around 336 billion ft³/d currently.
• The top three producing regions (Russia-CIS, North America and theMiddle East) will account for about 68% of total global output by 2035.

NGL production

• Globally, it will grow at a relatively constant rate (about 2.3% annually) in the medium to long term from current level of about 10 million bpd.
• NGL production is projected to reach more than 15 million bpd by 2035.
• North America and the Middle East will remain the top producing regions.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.hydrocarbonengineering.com/refining/30032016/global-hydrocarbon-supply-outlook-2882/