IEA: US to dominate the oil industry

06 March, 2018, 02:11 | Author: Sheri Evans

A global energy watchdog says booming production in the United States will meet most of the world's growth in demand for oil in the next few years.

Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, but more investment will be needed to boost output after that, according to the International Energy Agency's latest annual report on oil markets.

The oil ministers from the Organization of Petroleum Exporting Countries (OPEC) and other global oil players will meet in Houston for CERAWeek - the largest energy industry conference, which begins today.

Brent futures gained $US1.17, or 1.8 per cent, to settle at $US65.54 a barrel, while US West Texas Intermediate crude futures gained $US1.32, or 2.2 per cent, to settle at $US62.57.

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Canadian oil and gas industry purchases of USA goods and services are expected to have an impact of $45.6 billion on the US economy from 2017 through 2027, according to the Canadian Energy Research Institute.

However, shale's surge in the last year was heavy on the minds at the Houston conference, particularly as US production surged to an all-time record late last year.

Global oil demand is forecast to rise from 97.8 million barrels a day now to 104.7 million by 2023, with China remaining as the principal driver of growth.

Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London, said comments about "Venezuela's deteriorating oil-production profile, together with prospects for strong compliance with the OPEC-led output-cut agreement, (were) supportive of oil prices".

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Oil prices, which were flat earlier in the day, started rising along with U.S. stocks. Adding in some 4.7 million barrels a day of other liquids, US liquids production is expected to total almost 17 million barrels a day.

General Electric's Bake Hughes unit reported on Friday that the USA energy companies increased 1 oil rig in the week that ended in March 2. Exports will more than double over the next six years to 4.9 million barrels a day, according to the IEA's estimates.

Iran's light crude oil price rose $2.43 in the week ended on February 23 to settle at $62.39 per barrel, IRNA reported on Sunday. That was the year before the price for oil in the USA surged close to $150.

OPEC output growth is estimated to rise by only 750,000 barrels a day by 2023 due to massive declines in Venezuelan supply that are expected to more than offset Iraqi production gains. Global oil trade routes are moving East, as China and India replace the United States as top oil importers.

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