'Oil era is far from over,' says IEA's annual report

15 November, 2017, 02:01 | Author: Sheri Evans
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"With the United States accounting for 80% of the increase in global oil supply to 2025 and maintaining near-term downward pressure on prices, the world's consumers are not yet ready to say goodbye to the era of oil", the IEA report stated.

Investors increasingly opted not to bet on higher oil prices, following a report from the International Energy Agency showing it expects rising United States shale oil and gas production to at least be among the biggest gains in the history of the industry.

The report from the Paris agency will come as grim news for officials attending global climate talks in Bonn, Germany, as they grapple with ways to contain carbon emissions.

Despite the cautious sentiment, traders said oil prices were unlikely to fall far, largely due to supply restrictions led by the Organization of the Petroleum Exporting Countries and Russian Federation, which have helped reduce excess stockpiles.

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

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While the USA exported 100 billion cubic metres of Canadian gas in 2005, that figure fell by over a fifth in 2016.

The sliver of hope for Canadian oil producers is that the sector is not going to be displaced by renewable energies and the rise of electric vehicles any time soon.

IEA Executive Director Fatih Birol said "it is far too early to write the obituary of oil, as growth for trucks, aviation, petrochemicals, shipping and aviation keep pushing demand higher".

Total energy demand is expected to grow by 30 percent by 2040 - and would be growing twice that without efforts to improve energy efficiencies.

Canada could still play a role as China's long-held fears for its energy security means it would seek to diversify its sources of supply.

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The IEA also revised down its 2018 oil demand forecast for Brazil from 3.15 million bpd to 3.13 million bpd.

Oil-dependent Venezuela's crude output dipped last month below 2 million barrels per day, its lowest level in almost three decades, global producer group Opec said on Monday.

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

Fitch Ratings said in its 2018 oil outlook that it assumed 2018 "average oil prices will be broadly unchanged year-on-year and that the recent price recovery with Brent exceeding $60 per barrel may not be sustained".

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