Global oil demand is "not peaking" and will grow by 7.3 million b/d through 2022, Fatih Birol, executive director of the International Energy Agency, said Monday.
The agency has doubled its production growth outlook outside OPEC next year as more USA shale producers emerge.
The conference, which will continue until March 10, is expected to focus on the impact of OPEC and Russia's decision to restrict oil production in the global oil market and crude oil prices along with the effects of the new US government's energy policies on markets and companies.
Saudi Arabia's energy minister Khalid al-Falih, who assumed his role last spring and whose country has contributed the largest share of OPEC output curbs, addresses the meeting on Tuesday. Latest weekly data from oil-field services company Baker Hughes Inc. showed the number of rigs drilling for oil in the US rose by seven to 609. One of the biggest questions in the oil market is how quickly and how much shale producers will boost output. The U.S. land drilling rig count is up 55 percent in the past 12 months, and many of them are in the Permian.
Moscow wants to include PYD Kurds in next Geneva talks
The terrorism point, said Jaafari, was included in the agenda "upon our request with the exception of the Riyadh group". Bashar al-Ja'afari also said the government wanted a unified opposition delegation as its negotiating partner.
Before the start of the OPEC-non-OPEC deal in January, Azerbaijan was producing around 829,100 bpd of oil, according to AzerNews. So far, Russian Federation has cut about half of that, he said.
That newfound investment vigor and projections for stronger shale production have kept a lid on the recovery. On London's Intercontinental Exchange, global benchmark Brent for May delivery rose 0.20% to $56.01 a barrel, while on the New York Mercantile Exchange crude futures fell 0.24% to $53.20 a barrel.
However, oil investments dropped sharply in both 2015 and 2016, and if that trend continues into 2017, there will be a problem in three years. "In 2017, if we don't see a substantial increase, the market tightens after 2020".
Russia's February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, with cuts remaining at 100,000 bpd or just a third of the levels pledged by Moscow under the agreement with the Organization of the Petroleum Exporting Countries.