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Oil: World production hits record, prices go up

Pumping trestle and drill rig in Texas. In August, the United States became the world’s largest oil producer.

Black gold prices flirt with $ 80 per barrel, as exports from Iran and Venezuela decline.

The planet has never consumed so much oil. In August, for the first time, the mark of 100 million barrels a day was crossed, according to the September monthly report of the International Energy Agency (IEA). Despite the commitments of the Paris agreement (COP21) of December 2015 (entered into force in November 2016), the global awareness of the climate does not seem to reach the hydrocarbon sector.

How to explain this trend? By the United States and their Texas shale oil, first of all. In August, the country became the world’s largest oil producer, ahead of Russia and Saudi Arabia, with 10.9 million barrels a day. According to the US Energy Information Agency (EIA), this production should even exceed 11.5 million barrels per day in 2019.

In parallel, OPEC member countries, the cartel of oil exporters, which will meet on 23 September in Algiers, have increased their production in recent months. After reducing their offshore oil sales for more than a year to boost prices, these countries began to pump up again. In August, they produced 32.5 million barrels per day, responding to strong global demand, driven by China and emerging countries.

Even the risk of a trade war between Washington and Beijing or the rapid development of cars and electric buses in China did not weigh on oil consumption. “In emerging countries, the car remains the marker of access to the middle class and the demand will continue to grow,” said Denis Florin, Lavoisier council.

Iranian exports in free fall

In principle, this abundant supply and strong demand should lead to a market equilibrium point. But the rise in prices knows no respite. After going down during the summer around 70 dollars, the …

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