Energy companies have signaled that they are eyeing a strong oil glut this year, and the outlook for 2018 is not promising, according to executives and analysts familiar with the plans.
The outlook for U.N. and international markets is still uncertain.
Here’s what to know: • The U.K. is forecast to hit a record of nearly 6 million barrels a day by the end of the year, a number that will more than double from this time last year, according the International Energy Agency (IEA).
But the country is struggling with high energy costs.
The IEA projects that energy costs in the U.KS. will reach nearly 30% of gross domestic product (GDP) by 2020.
It expects prices to continue rising and to reach about 50% of GDP by 2030.
But that is still well below the level of about 90% of OECD countries.
• China is expected to hit record production levels of 3.4 million barrels per day in 2018, according Energy In Depth, an energy market research company based in London.
The company expects the country to double production of oil and gas by 2025, a record that will also be exceeded by other major oil producers such as Russia and Nigeria.
China is also expected to lead global demand growth by nearly a third over the next decade, the company says.
• Russia is forecast by the IEA to reach 2.6 million barrels of oil equivalent per day by 2021, which will be a record.
The country is also forecast to lead world demand growth for the first time in 20 years, and will overtake OPEC as the world’s top oil producer by 2025.
Russia has been leading the world in producing oil and natural gas, as well as for natural gas and coal.
• Nigeria, which is the world,s biggest producer of oil, is forecasted to reach a record production of more than 1.3 million barrels.
The oil producer is forecasts to continue its record growth of production, while it is also predicted to surpass OPEC and the U,S.
as the largest producer of natural gas by 2020, according IEA.
• Angola is forecast for a record oil output of 3 million barrels, an increase of more more than 50%, and a total of nearly 1.7 million barrels produced by 2020 for a total output of more a total 5.1 million barrels that will be greater than OPEC and Russia combined, according data from the oil ministry.
Angola is also a major producer of coal.
It has more than 70% of the worlds production of coal, and it is projected to increase production from a current production of 1.1 billion barrels in 2020 to a record 3.2 billion barrels by 2020 as a result of the Angolan Economic Plan 2018.
• The world is predicted to hit 3.5 million barrels in production of natural and thermal coal by 2020 from a level of just over 500,000 bpd, according a new report from the IESO.
That is a record for coal, surpassing the record of 469,000 barrels set in the late 1990s, and is more than the combined production of Russia, China and Angola combined.
• South Africa is predicted for a peak of 3 billion barrels of thermal coal, which would be the biggest increase since the late 1980s, according oil and coal analyst Tim Cogley.
The peak will be accompanied by a fall in production, which the IEs Energy Outlook forecasts to be offset by a rise in demand for oil and other fuels.
The report notes that demand growth will also continue to be driven by new technologies, including electric vehicles.
It is also forecasting a decline in carbon emissions in 2020, from a high of around 5.4 billion tons in 2020.
• Venezuela is forecast as the third largest producer, behind Russia and China, of coal by 2030, according Bloomberg.
The world’s second-largest producer of fossil fuels is expected by the International Monetary Fund to reach its highest level of output in 30 years.
• Norway is forecast at 3.7 billion barrels, a year ahead of the 2020 peak, according its Energy Outlook.
The Norwegian Government forecasts that its oil production will increase by almost 50% over the 2020s and 2020s average by 2025 compared with the previous forecast of about 5% increase.
• Indonesia is expected at 1.9 billion barrels and South Korea is projected at 1 billion barrels.
In total, the oil and thermal sector will account for around 25% of total production in 2020 according to the IEO.
This represents a 40% increase from the 20s average, and over a third of the OPEC production.