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IEA: record oil output from US, Brazil, Canada and Norway to keep global markets well supplied

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Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, but more investment will be needed to boost output after that, according to the International Energy Agency’s latest annual report on oil markets.

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Opinion: Why oil prices must go up

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It may be difficult to look beyond the current pricing environment for oil, but the depletion of low-cost reserves and the increasing inability to find major new discoveries ensures a future of expensive oil. In fact, half of the additional supply needed from the Middle East will have to come from a single country: Iraq.