IEA Oil Market Report 2017
The CSIS Energy & National Security Program is pleased to host Keisuke Sadamori, Director of Energy Markets and Security at the International Energy Agency, to present the IEA's Oil Market Report 2017.
In late 2016, leading oil producers put together the most comprehensive agreement to limit oil output seen since 2009 to ensure the stabilization of oil prices and avoid economic dislocation in producing countries. Underscored by well-supplied oil markets, and this new period of production management, the Oil Market Report projects the following trends through 2022:
- Oil Demand is expected to grow strongly at least to 2022, with main developing economies leading the way.
- The need for more production capacity becomes apparent by the end of the decade, even if supply appears plentiful today.
- It is not clear that upstream projects will be completed in time due to the unprecedented two-year fall in investment in 2015 and 2016, although major reductions in costs will help.
- There is a risk of prices rising more sharply by 2022 as the spare production cushion is eroded.
A discussion moderated by Kevin Book will follow.
Please RSVP no later than Tuesday, March 7th.