Published: Wed, November 15, 2017
Economy | By Shawn Conner

Oil falls 2 percent on rising U.S. output, global demand concern

Oil falls 2 percent on rising U.S. output, global demand concern

The IEA delivered a surprisingly downbeat outlook for oil demand in its monthly market report, showing an expected slowdown in consumption that was at odds with a more bullish view from the producer group OPEC on Monday.

"Solar is forging ahead in global power markets as it becomes the cheapest source of electricity generation in many places", said Fatih Birol, executive director of the IEA.

Investors increasingly opted not to bet on higher oil prices, following a report from the International Energy Agency showing it expects rising USA shale oil and gas production to at least be among the biggest gains in the history of the industry. That means that, despite the rapid deployment of wind and solar power worldwide, global Carbon dioxide emissions will continue to rise until 2040, "far from enough to avoid the severe impacts of climate change", the IEA said. The Paris-based watchdog casts doubt over the state of the sector, especially as a number of high-profile players such as Royal Dutch Shell Plc. and Total SA have reduced their exposure to Alberta.

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The International Energy Agency said in its market report for November that recent trends toward balance were supported by lower production from OPEC members like Iraq and Venezuela, which may be temporary. "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.

If you think that interest in crude will go down any time soon with the rise of electric cars, think twice, the International Energy Agency says.

Overall global energy needs are seen rising more slowly than in the past, but are still projected to expand by 30 per cent between today and 2040.

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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.

"Next year's demand growth will struggle to match this", the IEA said.

Crude has climbed lately to a two-year high around $57 United States a barrel in trading in NY, although it is not seen making much larger gains due to rising USA output.

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After an upbeat performance last week, oil prices edged lower for a second day Tuesday. Besides oil barrel prices, the estimate factors in the milder temperatures as winter begins in the Northern Hemisphere.

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