Finance

IEA: Global Crude Demand to Endure Wave of Electric Cars

IEA: Global Crude Demand to Endure Wave of Electric Cars

Next year, demand is seen hitting 98.9 million bpd, up 1.3 million bpd from this year.

The less-than-bullish forecast for Canadian oil and gas, means the IEA has cut the country's investment spend in the country to US$1.08 trillion in 2040 (from US$1.68 trillion in its forecast last year) - part of a global cut in investment projections. But the oil market isn't tightening as quickly as once anticipated, the IEA said in its monthly oil-market report.

"The oil market should be able to find a longer-term equilibrium, with the oil price in a range of $50-70 a barrel", the agency said.

"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; already a net exporter of gas, the U.S. becomes a net exporter of oil in the late 2020s", the IEA said in its 2017 world energy report.

This sentiment comes in part on the back of rising US oil output, which has grown by more than 14 percent since mid-2016 to a record 9.62 million bpd.

In Abu Dhabi on Monday, the UAE Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei, said that oil producers were expected to unanimously extend a production cut accord later this month, but its duration was still under discussion.

After an upbeat performance last week, oil prices edged lower for a second day Tuesday.

Echoing the forecast by IEA, the Organisation of the Petroleum Exporting Countries said after long years of punishingly low oil prices, there is "increasing evidence" that the oil market is moving closer to reaching a healthy balance between supply and demand. However, this is expected to cut only 2.5 million barrels per day, or about 2%, off global oil demand by that time.

According to the IEA, China overtakes the U.S. as the largest oil consumer around 2030, and its net imports reach 13 million barrels per day in 2040.

The International Energy Agency on Tuesday delivered a more cautious outlook for oil demand.

However, even rapid growth in the electric vehicle fleet would be unlikely to have a substantial impact on oil consumption for passenger transport until the mid-2020s, it said.

Moreover, the revision for 2018, while "not very large" on average for the full year, came mostly on the back of lower-than-expected demand in the fourth quarter, which would come 311,000 bbl/day lower.

Global energy needs will rise more slowly than in the past but still expand by 30 per cent between today and 2040, the equivalent of adding another China and India.


  • Martellus Bennett Reportedly May Try to Play Through Torn Rotator Cuff

    Martellus Bennett Reportedly May Try to Play Through Torn Rotator Cuff

    The tight end, waived by the Packers on Wednesday for failing to disclose an injury, told his side of the story on Instagram. While the 30-year-old could try to play through the injury, the Patriots may decide to place him on injured reserve.
    Broadcom bids $130 Billion to acquire Qualcomm

    Broadcom bids $130 Billion to acquire Qualcomm

    The statement said that there would be no further comment from the company until the assessment was completed. And a premium of 33 per cent on Qualcomm's "unaffected 30-day volume-weighted average price".

    Mueller has enough evidence to bring charges in Flynn investigation

    More likely though, Flynn's son is a pawn to be used to get Flynn to talk. Flynn's son traveled with his father during the campaign and transition.
  • One Of The US Soldiers Killed In Niger May Have Been Executed

    One Of The US Soldiers Killed In Niger May Have Been Executed

    He said Johnson's wrists were bound and he had an injury in the back of his head, possibly from a bullet, the Post reported. The village chief of Tongo Tongo, Mounkaila Alassane, confirmed the account in a separate interview with the Post.
    Kevin Spacey dropped from film after fresh sexual allegations

    Kevin Spacey dropped from film after fresh sexual allegations

    Not only was he recast in All the Money in the World , he was also fired from Netflix's House of Cards . His mother tries to persuade Getty to pay the random for her son after Italian gangsters captured him.

    Scientists: Sheep recognize faces as people

    For the initial training, the sheep received a food reward for choosing the face versus a blank screen. Brad Duchaine, a brain scientist at Dartmouth College, doesn't find the sheep's ability surprising.
  • One person in custody after stabbing at Mall of America, authorities say

    One person in custody after stabbing at Mall of America, authorities say

    Police have named the man accused of stabbing two people inside the Mall of America during a botched theft attempt Sunday. They don't believe the suspect knew the victims and Potts said he didn't know yet where the victims were from.
    Can Sex Trigger Fatal Cardiac Arrest? Study Finds Risk Is 'Extremely Low'

    Can Sex Trigger Fatal Cardiac Arrest? Study Finds Risk Is 'Extremely Low'

    Researched cite this as the reason that less than 20 per cent of patients who have a heart attack during sex survive. The study is scheduled to be presented Sunday at the American Heart Association's annual meeting in Anaheim, Calif.
    Trump says he'll meet Putin to talk North Korea

    Trump says he'll meet Putin to talk North Korea

    South Korea's foreign minister made similar remarks during a parliament committee meeting earlier last week. The White House later described the notion that the US had declared war "absurd".
  • Butch Jones Out As Tennessee's Football Coach

    Butch Jones Out As Tennessee's Football Coach

    As bad as the season has gone, UT still has a slim chance at bowl eligibility; it must win both its remaining games. Butch Jones apparently isn't too interested in keeping the recruiting class he assembled in place at Tennessee.
    Facebook: Send Us Nudes So We Can Fight Revenge Porn

    Facebook: Send Us Nudes So We Can Fight Revenge Porn

    It's an idea that sounds like utter madness, but Facebook is at pains to convince users that it's actually a brilliant solution. The answer is-revenge porn. "Yes, they're not storing a copy, but the image is still being transmitted and processed".
    New Details on Rand Paul Assault: Sneak Attack, Possible Political Dispute

    New Details on Rand Paul Assault: Sneak Attack, Possible Political Dispute

    Rene Boucher, the neighbor charged with attacking Sen. "This type of injury is caused by high velocity severe force". He also had cuts to his nose and mouth and trouble breathing because of his rib injuries, according to NBC News.