Don't write oil's 'obituary', IEA says in long-term demand forecast

Crude oil is extracted from the Monterey Shale formation near Bakersfield California

The dramatic shifts envisioned by the IEA in its World Energy Outlook would transform the USA from an energy importer into a major player in global markets capable of producing 30 million barrels of oil and gas a day by 2025.

The IEA added that the likely boom in United States production will place it among the top fossil fuel producers in the world, by 2025.

Oil will continue growing as a source of energy for over two decades, with the USA set to become the undisputed leader in crude and gas production, the International Energy Agency said Tuesday. US crude was also off 1.1%, to $56.15.

"A remarkable ability to unlock new resources cost-effectively pushes combined United States oil and gas output to a level 50% higher than any other country has ever managed", according to the report.

The boom will turn the USA, still among the biggest oil importers, into a net exporter of fossil fuels.

Sparked by technological advances from its shale fields, US production will see growth of 8M bbl/day during 2010-25, accounting for 80% of the increase in global supply over the period, the report says.

PSG star involved in Ronaldo's threat to quit Real Madrid
When asked this season if he was expecting to sign a new deal with Madrid, Ronaldo told beIN Sports: 'I don't want to renew. The Portugal global has undergone a dip in form in recent months, scoring just one La Liga goal so far this season.

Saif Ali Khan's Special Gift For Taimur Ali Khan On Children's Day
The jeep is in cherry red colour and instantly grabs the eyeballs. Security is also very important and there is a baby-seat too. I may just give him this vehicle .

Aden airport receives first commercial flight after Yemen blockade
World Health Organization officials say more than 8,600 people have died since fighting broke out in Yemen in March 2015.

Still, there are many other factors at play over the long term. The decline left many producers unprofitable, and tens of thousands of jobs were lost.

"It is far too early to write the obituary of oil, as growth for trucks, aviation, petrochemicals, shipping and aviation keep pushing demand higher", said Fatih Birol, executive director of the Paris-based IEA. But analysts expect the price to not rise much further in coming months as the USA ramps up production.

"None of its core scenarios for the future of energy provide a reasonable chance that the world will avoid climate catastrophe", said Adam Scott, senior advisor at Oil Change International. The IEA noted the USA shale sector's history of beating expectations; the shift to electric vehicles putting downward pressure on oil demand; and changes in estimates of recoverable shale reserves. It's taken the Organization of Petroleum Exporting Countries and Russian Federation nearly 11 months of production cuts to clear up some of the oversupply. That "will bring a lot of dollars to US business".

"There are many examples of a country switching from being a net energy exporter to a net importer: it is very rare to see the opposite, especially when the country in question is one of the world's largest importers of oil".

Along with the expected demand for oil, the IEA said natural gas use is projected to increase by 45 per cent to 2040.

Related News:

  • Nigeria on revenge mission against Argentina

    Nigeria on revenge mission against Argentina

    Ironically, he is one of five Nigeria players who can boast of having scored against Argentina at senior level. Skipper John Obi Mikel returns to the team after he was rested for the match against Algeria last Friday.
    Oscar De La Hoya Challenges Conor McGregor To A Fight

    Oscar De La Hoya Challenges Conor McGregor To A Fight

    Two rounds, that's all I need. "Mr Redmond was knocked - I don't want to say he was unconscious - but he was hit quite heavy". The Golden Boy CEO might also have been upset because it took place just three weeks before the Gennady Golovkin vs.
    Auction process for Dawood Ibrahim properties begin

    Auction process for Dawood Ibrahim properties begin

    He also wanted to acquire Hotel Raunak Afroz to build a toilet there, to spread the message that how terrorism ends. Summary: The reserve price for the three properties are Rs 1.21 crore, Rs 1.55 crore and Rs 1.18 crore respectively.
  • McLaren unfurls bespoke black-and-gold inscribed 720S for Dubai

    McLaren unfurls bespoke black-and-gold inscribed 720S for Dubai

    Built by McLaren Special Operations (MSO ), the 720S combines a satin black paintwork with gold-colored wheels and interior trim. Also added were carbon fiber exterior packs encompassing the front splitter and air intakes, rear bumper and roof panel.
    FDA approves first 'trackable' pill Abilify

    FDA approves first 'trackable' pill Abilify

    USA regulators have approved the first drug with a sensor that can track whether patients have taken their medicine. In the app, patients can track medication adherence and give access to the data to caregivers and physicians.
    Fallon's emotional return to 'The Tonight Show' after his Mom's death

    Fallon's emotional return to 'The Tonight Show' after his Mom's death

    The Fever Pitch actor recalled the sweetest memory he has of his mother and tried to hold back his tears while remembering her. He went on to thank fans for all the support he and his family had received since his mother's death.
  • Andhra Pradesh: Wild boar enters airport, hits IndiGo flight

    Andhra Pradesh: Wild boar enters airport, hits IndiGo flight

    As it was too late for the pilot abort his take-off, he took the plane up but landed again after a 45-minute sortie over the sea. The TOI report mentions that they flight could not touch down immediately, as the rear wheel was not getting retracted.
    Watford reject Everton's request to talk to Marco Silva about managerial vacancy

    Watford reject Everton's request to talk to Marco Silva about managerial vacancy

    The Goodison Park hierarchy had hoped to install Koeman's permanent replacement in time for their first game after the worldwide weekend.
    World's Oldest Wine Found in 8000-Year-Old Jars

    World's Oldest Wine Found in 8000-Year-Old Jars

    The inside of the jars, dating back as far as 5,980 BC, were coated with chemical traces of wine. However, these traces dated back from 5400 to 5000 BC, also in the Neolithic period.
  • Celebrities read mean tweets… about Jimmy Kimmel!

    Celebrities read mean tweets… about Jimmy Kimmel!

    But Kim Kardashian got way more personal, reciting a zinger that now-husband Kanye West fired at Kimmel during their 2013 feud. West also called Kimmel "out of line" and said, "I like you, you know me, I went to your family's wedding".
    Army Mental Health Ban Relaxed Amid Recruiting Push

    Army Mental Health Ban Relaxed Amid Recruiting Push

    The Army did not respond to a request for information on how many waivers had been issued for mental health issues. The policy in and of itself is not necessarily a bad one, but its execution will be key.
    Donald Trump calls Asia trip 'fruitful' with trade progress, nuclear reassurance

    Donald Trump calls Asia trip 'fruitful' with trade progress, nuclear reassurance

    More than 3,900 people have been killed in a war on drugs that Mr Duterte declared when he took office previous year . Human rights briefly came up in the context of the Philippines' fight against illegal drugs", Sanders said.


Most liked

Didier Drogba announces plan to retire from football next year
He made 381 appearances for the London side and scored 164 goals in all competitions, with majority coming in key fixtures. I need time for my other projects. "It's good to play, but at 39 [age] holds me back a bit".

EgyptAir signs deal with bombardier to buy 24 CSeries aircraft
The CS300, larges of two versions made by the Montreal-based company has a list price of $89.5 million before discount. Earlier this month, Bombardier also revealed it had secured orders for 31 aircraft from an unnamed European customer.

Google's Android distribution numbers for November confirm a minimal increase for Oreo
In the month of September, both versions of Android Nougat were up slightly, and had a total share of 15.8 percent. Meanwhile, Android 7.0 rose 1.8 percentage points to 17.6%, while 7.1 saw a one point increased to 3%.

Dodgers, Padres to play series in Mexico
Major League Baseball continues to spread its influence internationally by adding a series in Mexico next season. The Los Angeles Dodgers and San Diego Padres will play a three-game series at Monterrey, Mexico, from May 4-6.

Ratings Agencies Cave: Venezuela Defaulted, Selectively
A default can be declared either by the major ratings agencies, big debt-holders or by the government itself. S&P said there was "a one-in-two chance that Venezuela could default again within the next three months".

Thieves dig 25-foot tunnel into bank
The robbers made their move over the weekend when the bank was shut and managed to steal valuables from 30 of the 225 lockers. Employees of the bank, located in a Mumbai suburb, discovered the robbery on Monday morning and alerted the police.

Ignore IPOB threat - MASSOB
The announcer said: "These are our brothers who were arrested at the same time with him and they should not be forgotten. If there is any group saying there won't be election, we want to put it to that group that the election must take place.

Oil markets cautious Tuesday as rising U.S. output undermines OPEC supply cuts
On the supply side, tensions in the Middle East raised the prospect of disruptions, traders said. Currently, RSI on daily chart is above 60 levels indicating high momentum in prices.

A Good Time to Consider Tyson Foods, Inc. (TSN), Albemarle Corporation (ALB)
Zacks' sales averages are a mean average based on a survey of research firms that that provide coverage for Tyson Foods. This is based on a 1-5 numeric scale where Rating Scale: 1.0 Strong Buy, 2.0 Buy, 3.0 Hold, 4.0 Sell, 5.0 Strong Sell.

Strangers Are Throwing Money at Woman Who Gave Trump the Finger
She added: "Only one third of Puerto Rico has power". "Basically, you can not have "lewd" or 'obscene" things in your social media.

AWS Sells Chinese Cloud Assets Amid Tightening Regulations
Microsoft operates its Azure cloud services unit in partnership with China-based 21Vianet Group. The U.S. ecommerce giant signed a deal to allow Sonnet use AWS services in China in August 2016.

New App Removes "Notch" From the iPhone X
In that update, the phones will accept 7.5-watt charges on Qi charging pads , rather than the current 5 watts. There is some confusion over exactly what Qi charging accessories can go above the 5w charging speeds.

Potential Fourth Victim of Tampa Serial Killer Found, Police Say
Tampa officers said they are investigating a Tuesday morning shooting death which occurred at Caracas Street and Nebraska Avenue. Currently, authorities are offering a $41,000 reward for anyone who has information leading to the arrest of a suspect.

Women, revamp your diet today. You're more prone to diabetes
Why does blood sugar matter? 'So, insulin can be likened to be the key that opens the door for the glucose to go in. There are three types of diabetes: Type 1 Diabetes Mellitus (DM), Type 2 DM, and gestational diabetes .

The Home Depot, Inc. (HD): What's the Story?
They do not reflect on the certified policy or position of any business stakeholders, financial specialists, or economic analysts. American International Group Inc now owns 358,325 shares valued at $58,608,000. (The) in a research note on Friday, August 11th.