Is the IEA report actually predicting a decrease in oilfield production?


Oilfield equipment will be vital for U.S. companies if they are to become a global leader in production

Earlier this month, this blog examined questions about whether increased domestic oil production would wind up being a problem. A number of people have questioned the environmental ramifications that will result from increased production and others are even wondering what we would do with all that oil once it's out of the ground.

An article in The Nation is taking things a step further and questioning the validity of the IEA report. According to Michael Klare, the author of the article, the United States becoming the world's number one oil producer isn't a good thing.

"Take U.S. oil production surpassing Saudi Arabia's and Russia's," Klare writes. "Sounds great, doesn't it? Here's the catch: previous editions of the IEA report and the International Energy Outlook – its equivalent from the U.S. Department of Energy [DOE], rested their claims about a growing future global oil supply on the assumption that those two countries would far surpass U.S. output. Yet, the U.S. will pull ahead of them in the 2020s only because, the IEA now asserts, their output is going to fall, not rise as previously assumed."

If this is true, the U.S. will be under immense pressure to expand its production numbers even further. If the rest of the world's figures are going down, the United States will be looked on as a global leader, both literally and figuratively.

Ultimately, we cannot simply coast into the future of oilfield production and expect the best results. Any drastic changes made in the oil industry must be done with the utmost efficiency. Proper oilfield equipment is crucial. Using tools such as artificial lift to speed up the extraction process is vital if the United States is to achieve its full potential as an energy producer. 

Companies looking to improve their operations should contact an oilfield technologies provider.