SINGAPORE (Bloomberg) via WorldOil — The world is pumping out more oil and other petroleum liquids than ever before.
Global supply rose to 100.3 MMbpd in the third quarter, the International Energy Agency said Friday in its monthly oil market report. Output, which includes crude oil, natural gas liquids, biofuels and refinery processing gains, was 2.3 MMbbl above the same period last year and 1.3 MMbpd higher than the second quarter.
The new quarterly output record underscores how growing demand in the developing world requires new sources of supply in the short term, even as increasing sales of new energy vehicles and renewable power generation threaten the long-term growth of fossil fuels. The IEA sees production from outside the Organization of Petroleum Exporting Countries rising another 1.7 MMbpd next year.
The output increase from the second quarter was led by OPEC, which boosted production by 500,000 bpd, and the Americas, which saw a rise of 400,000 bpd. Biofuel production also increased by 300,000 bpd from the previous quarter, according to the report.