'Oil era is far from over,' says IEA's annual report
15 November, 2017, 02:01 | Author: Sheri Evans
"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.
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.
Sakho, Mane star as Senegal book World Cup slot
The other two slots will be filled Saturday with north African countries Tunisia and Morocco needing draws to qualify. The Hammers striker calmly put Mane's assist into the back of the net in the 12th minute.
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".
The Teenage Mutant Ninja Turtles Are Coming To Injustice 2
Leo, Michelangelo, Raphael and Donatello will be suiting up (shelling up?) to fight the likes of Superman, Batman and more. Atom is set to launch this December 12, with the Enchantress set for release in January, and the Ninja crew in February.
Sierra Nevada's six-mission contract calls for Dream Chaser to start delivering cargo to the space station in 2019. The Dream Chaser is an autonomous, self-flying spacecraft, and this iteration will not carry any people.
If it's there, anyone with physical access to your device can exploit EngineerMode to gain root access on your smartphone. Following the allegations, OnePlus took some steps, and added the new "opt-in" option for the user experience program.
Two hospitals said they were treating a total of seven gunshot victims, including at least three children. Tehama County Superintendent of Schools Rich DuVarney there were no student or staff fatalities.
They became parents of Jesus". "There's just nothing immoral or illegal here". "Maybe she just needs to take a polygraph test". Zeigler also attempted to rely on the Bible to muster a justification for Moore's alleged sexual misconduct. "Take the Bible.
Japan Prime Minister Shinzo Abe said APT alliance has broadened to include food security, energy, environment, and health. The Philippines is about too far but, you know, nobody will save us from a holocaust if it happens", he said.
Charlotte-Mecklenburg police said Fells had created a pipe bomb that he meant to use on a neighbor whom he was feuding with. CMPD bomb squad also responded and confirmed that the suspect did in fact have a homemade pipe bomb.
The source told ESPN there is surveillance footage of the players shoplifting from three stores inside a high-end retail center. The president's chief of staff John Kelly has also been in contact with the players' families as well as the team's coach.
The Fighting Irish is undefeated since a Week Two loss to Georgia but can't afford a letdown this week at Miami. But the Buckeyes of last year had more quality wins than seemingly Miami or Alabama would compile this year.
Brendon Hartley made his F1 debut in Texas and is now set to also compete in Mexico, Brazil and Abu Dhabi. In fact, more such incidents happened around the same time as Hamilton's team members were being robbed.
Year Old Beats Face ID on Mom's iPhone X
Face ID uses artificial intelligence to distinguish real faces from images, videos or masks, but it "learns" a face over time. However, recently a Vietnamese security firm said that it successfully managed to thwart the Face ID using a mask.
Trump chooses drug executive as health secretary
Azar, who now works for a consulting firm, worked as the HHS general counsel from 2001 to 2005 in the George W. Early enrollment in Obamacare plans earlier this month was also up considerably compared to a year ago .
Chevrolet unveils all-new Corvette ZR1
But the ZR1 isn't just about grunt, the Chevrolet engineers have tuned every element of the vehicle for maximum performance. Both of the ZR1's wings are tied into the chassis, like the Corvette Racing C7.R racecar, for strength and stability.
Macron Urged to Be Fair, Have Foresight
The Saudis are in full support of President Trump's decision not to certify Iran as in compliance with Obama's treacherous "deal". Macron's visit this week to Abu Dhabi came amid renewed tensions between regional arch-rivals Iran and Saudi Arabia.
Chicago to host 2020 NBA All-Star Game
Cleveland had previously been vying to host the league's next available All-Star Game, targeting the 2020 and 2021 exhibitions. The NBA will be announcing Chicago as the host of the 2020 NBA All-Star game , according to a report by ESPN.