Demand for oil & gas grows faster than production in most of the world, new report shows

Energy Transition Group
,
4 Dec 2019

Notwithstanding the growth of renewables and energy efficiency gains, in most regions of the world demand for oil and gas has continued to grow alongside that for energy. IOGP’s new Global Production Report shows oil demand stood 30% higher in 2018 than in 2000, while natural gas demand increased even more dramatically by 60% during the same period.

With the exception of Europe and Central & South America where demand is stagnating or in slow decline, the Report shows new records for consumption across all other world regions in 2018. This could turn some of the largest exporting regions such as Africa into importers in the coming years.

This growth highlights the importance of responsible resource development policies and the need for continued significant investments to make up for the average 6% depletion rate of existing fields.

Commenting on the new study, IOGP Executive Director Gordon Ballard says: “This third edition of our Global Production Report shows once again why failing to invest in existing and future oil & gas fields is simply not an option given global market needs. IOGP and its members continuously work to respond to the dual challenge of providing more energy with a lower carbon footprint, in the spirit of the Paris Agreement goals.” 

Access the IOGP Global Production Report here: https://www.iogp.org/gpr