The oil industry’s long-term outlook is one of hope for the industry, and the industry seems to be seeing a steady increase in new entrants, particularly in oil and gas, but oil prices remain high.
Oil prices rose from $US42 a barrel in 2016 to $US76 in June, according to the latest report from the IEA.
The IEA forecasts that global crude oil production will increase by 1.5 million barrels a day in 2020, an increase of around 6 per cent.
But some experts are predicting the global oil price will fall by more than half by 2030, from around $US100 a barrel to $80, as the economic slowdown and the fallout from the spill at the Exxon Valdez oil rig in Alaska in 2015 drive down production.
“It’s going to take a lot more than the oil prices falling to $90 or $90-something to put a dent in production growth in the oil and oil-related industries,” Mr Vassiliadis said.
This story has been corrected to reflect the fact that the IAEA is not the US government agency, it is the International Energy Agency, not the International Monetary Fund.