Along with the expected demand for oil, the IEA said natural gas use is projected to increase by 45 per cent to 2040.
"I think this group of committed and responsible producers came together. and I think they will continue to do what it takes to take us to the next level", he said at an global oil conference. This is expected to cut 2.5 million bpd, or about 2 percent, off global oil demand by that time.Still, the IEA's "New Policies Scenario", based on existing legislation and announced policy intentions, expects oil prices to rise towards $83 a barrel by the mid-2020s. And the IEA expects non-OPEC countries to boost output by 1.4 million barrels a day next year, doubling this year's production growth. "Meeting this demand would require an overall investment of around $10.5 trillion across upstream, midstream and downstream operations" Opec Secretary-General, Mohammad Barkindo, said noting that the 2017 outlook was more positive than a year ago, partly thanks to oil exporting nations' efforts to stabilise the market. This latest move comes as investors expect figures to show United States oil production has risen.
"Over the same period, United States gas companies ramped up their exports to Canada and Mexico, pushing net U.S. imports of pipeline gas down to around 25 bcm in 2016, compared with 80 bcm some ten years earlier", IEA economists said. "Although Canada has potentially prolific shale gas plays ... their estimated development cost is higher on average than in the Permian or the Appalachian Basin and they are further away from the demand hub", the IEA said.
The U.S. shale surge could also mean an era of lower-for-longer oil prices.
Sam Bradford's season with the Vikings possibly over
Keenum replaced Bradford in the Bears game and led Minnesota to a 20-17 victory, and he's won each of his four starts since then. He was a Pro Bowl selection in 2015 when he passed for 3,231 yards and 14 touchdowns against nine interceptions.
Chris Watling, CEO and chief market strategist at Longview Economics, was quoted as saying that the adoption of EVs could lead to global peak oil demand as soon as 2023, which will result in oil prices crashing to $10.
Two major trends are unfolding in global oil and gas markets, but Canada seems unable to take advantage of the first one, and is already an unfortunate casualty of the other, says a new report. Global energy demand is 30 per cent higher by 2040 - but still half as much as it would have been without efficiency improvements.
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".
In fact, the monthly report published by IEA on Tuesday would back that theory up as it lowered its crude demand forecast for the whole of 2017 and 2018, by 50,000 bbl/day and 190,000 bbl/day respectively.