Economy

Oil markets cautious as OPEC cuts are met by rising USA output

Oil markets cautious as OPEC cuts are met by rising USA output

While OPEC in their monthly report expects to see a larger oil supply deficit in 2018, the International Energy Agency (IEA) sees the appetite and an oil market oversupplied in the first half of 2018.

The dramatic shifts envisioned by the IEA in its World Energy Outlook would transform the US from an energy importer into a major player in global markets capable of producing 30 million barrels of oil and gas a day by 2025. If shale resources turn out to be double current estimates, and the use of electric vehicles erodes demand more than anticipated, prices could stay in a "lower-for-longer" range of $50 to $70 a barrel through to 2040.

With regards to access to clean cooking, the report said 80 per cent of the projected growth in gas demand takes place in developing economies, led by China, India and other countries in Asia. "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 previous year, partly thanks to oil exporting nations' efforts to stabilise the market.

"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 worldwide oil conference.

In Abu Dhabi on Monday, the UAE Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei, said that oil producers were expected to unanimously extend a production cut accord later this month, but its duration was still under discussion.

More news: U.S. warns Islamic Jihad to drop war threat against Israel

After hitting a 10-year low of less than $30 in January, down from a peak of more than $100 in mid-2014, oil prices have recently been hovering around the $55 mark.

The World Energy Outlook says that China, in an effort to reduce severe air pollution in major cities, will lead in the development and deployment of increasingly efficient solar photovoltaic panels. Forecasts for shale-oil output in 2025 were bolstered by 34 per cent to 9 million barrels a day.

"Electric vehicles are in the fast lane as a result of government support and declining battery costs, but it is far too early to write the obituary of oil as growth for trucks, aviation, petrochemicals, shipping, and aviation keep pushing demand higher".

It expects the USA to account for 80% of the increase in global oil supply to 2025, driven by increases in shale.

At the same time, the renewable energy sources will become more important.


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