Guyana to Help Supply One-Third of Global Oil Output By 2030

  • The International Energy Agency (IEA) is warning that global oil supply growth is set to significantly outpace demand in the coming years, as geopolitical tensions, such as the ongoing conflict between Israel and Iran, pose serious risks to energy security.
  • In its latest medium-term report, Oil 2025, the agency noted, “As the Israel-Iran conflict focuses attention on immediate energy security risks, the new IEA medium-term outlook sees global oil supply increase set to outpace demand growth in the coming years. With intensifying geopolitical strains and heightened uncertainty about global economic prospects, oil markets are undergoing structural changes as the key drivers of supply and demand growth of the past 15 years start to fade.
  • The IEA projects that between 2024 and 2030, global oil demand will rise by 2.5 million barrels per day (mb/d), reaching a plateau of around 105.5 mb/d by the end of the decade. However, production capacity is expected to grow by more than 5 mb/d to 114.7 mb/d, with strong contributions from natural gas liquids and other non-crude sources.
  • The United States, Canada, Brazil, Guyana, and Argentina are expected to dominate this non-OPEC+ supply increase. The IEA stated that these five countries will collectively provide nearly one-third of the world’s oil supply by 2030, with the Americas accounting for nearly all the 3.1 mb/d growth projected for non-OPEC+ during this period.
  • According to the report, China, which has driven the growth in global oil demand for well over a decade, is set to see its consumption peak in 2027, following a surge in electric vehicle sales and the continued deployment of high-speed rail and trucks running on natural gas. At the same time, US oil supply is now expected to grow at a slower pace as companies scale back spending and focus on capital discipline, although the United States remains the single largest contributor to non-OPEC supply growth in the coming years
  • The United States, Canada, Brazil, Guyana, and Argentina are expected to dominate this non-OPEC+ supply increase. The IEA stated that these five countries will collectively provide nearly one-third of the world’s oil supply by 2030, with the Americas accounting for nearly all the 3.1 mb/d growth projected for non-OPEC+ during this period.

(Source: Kaieteur News)