Global Oil and Gas Investment Outlook
Published On: January 07, 2020
Crude Oil Commodity Update - January 2020
Global demand growth for oil and gas remains robust, although the pace of growth is slowing. According to the International Energy Agency (IEA), global liquids (crude oil and condensate) demand for 2019 and 2020 is expected to grow by 1 million barrels per day (MMbpd) and 1.2 MMbpd, respectively. Global gas demand also remains strong this year. Future demand growth is poised to be more measured, supported by economic expansion in emerging markets – especially in Asia – and sustained policy support in China to tackle air pollution. The US-China trade tension risks and bearish global economic growth contribute to a conservative outlook for 2020. This article discusses oil and gas capital investment needed to sustain the global energy demand growth with a focus on Canadian oil and gas investment and emerging challenges for oil and gas companies to address the risks and uncertainties.