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Frontline, the 100 Million Barrel-Per-Day Tanker Trade

Eliecer Palacios

The International Energy Administration just reported in its Oil Market Report that third-quarter global oil and liquids production has reached 100.3 million barrels a day as the world continues its insatiable demand for energy commodities without any signs of a slowdown -- despite sanctions, trade wars and other geopolitical standoffs. According to the IEA, the surge in production has been driven by the U.S. shale revolution and supported by big increases in Brazil, Canada and elsewhere. In the future, the IEA sees that additional supply could potentially come from places like Iran, Iraq, Libya, Nigeria and Venezuela, if their various challenges can be overcome, although we remain skeptical about those particular sources in the near term.