Economic recovery boosts gas, oil and renewables
By 2020, oil will remain the king, while demand for gas and electricity will grow at steady rates
The energy sector sees the immediate future calmly. The evolution of the gas, electricity, oil and renewables markets is on the rise or at least very stable, according to large companies. Expected increases in electricity and gas demand, the perspectives of the oil sector are promising and the potential of sources such as photovoltaic predicts considerable increases. All in the hand of an economic recovery that big companies say.
Oil is the energy market best placed in short-term forecasts. “In 2017 the balance between supply and demand will continue to be adjusted, correcting the imbalance accumulated in previous years,” explains the experts. The economic and price context of crude oil will continue to “boost consumption, with a strong performance of all the OECD countries” on the demand side, continues.
Regarding the offer, experts believe that the agreements reached at the end of 2016 to reduce production “have allowed a faster adjustment of the balance sheet.” The unknown is what will happen to American production. Experts aren’t pessimistic, as “the potential increase in this output would be more than offset by the increase in global demand and OPEC control of the market.”