US oil and gas 'resurgence' expected as global demand grows
The less-than-bullish forecast for Canadian oil and gas, means the IEA has cut the country's investment spend in the country to US$1.08 trillion in 2040 (from US$1.68 trillion in its forecast last year) - part of a global cut in investment projections. 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.
The largest disruptive force to supply will be shale production in the U.S. - the IEA estimates USA crude oil will reach peak output in the 2020s of around 17m bpd.
Brent crude oil prices recently climbed to two-year highs of more than $60 a barrel due to supply disruptions, geopolitical concerns and a growing expectation that an Opec-led agreement to reduce production will be extended through 2018.
The Paris-based group said it cut its demand outlook for next year by 190,000 barrels a day, and global production could vault above demand by 600,000 barrels a day in the first quarter of 2018, and by 200,000 barrels a day in the second quarter.
Solar power will surge globally in the coming decades, but oil demand will also continue to grow, according to a new report from the International Energy Agency.
The US government said on Monday US shale production in December would rise for a 12th consecutive month, increasing by 80,000 bpd.
Oil prices have risen in recent months, after both Opec and non-Opec countries struck a landmark deal at the end of a year ago to cut back production to combat a global oil glut.
'The Elder Scrolls V: Skyrim VR,' upcoming games
As the Dragonborn, the prophesied hero born with the power of The Voice, you are the only one who can stand amongst them. Well Skyrim VR Bundle will provide you a list of 13 PSVR titles to choose your next game from.
Alibaba crushes sales record during Singles' Day
President Donald Trump, JD said it would buy $2 billion in U.S. goods, including $1.2 billion in beef, over the next three years. E-commerce company Alibaba saw a chance in 2009, and started pushing it as a shopping day - an online shopping day, of course.
Traders said they were cautious about betting on further price rises.
"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.
The IEA also revised down its 2018 oil demand forecast for Brazil from 3.15 million bpd to 3.13 million bpd.
"Prices ... are starting to look like a pause or pullback is needed", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Over the next two decades, the global energy system would be reshaped by four major forces: the United States, as it becomes the global oil and gas leader; rapid deployment of renewables; growing share of electricity in the energy mix; and China's new economic strategy, taking it on a cleaner growth path.
"It's quite spectacular, because you're going to see the number of cars on the road double from one billion to 2 billion, thanks to electric vehicles and fuel economy standards", said Laura Cozzi, head of the Energy Demand Outlook division.
LeBron James: 'No Shade' Intended Towards Frank Ntilikina
Smith played just a single season for the North Carolina State Wolfpack last season, going on to be named ACC Rookie of the Year. But Deshaun Watson should've been our quarterback. "That's all that is, for clarification of people who just live in the box".
Former Irish global Liam Miller is battling cancer
The Ireland midfielder David Meyler said: "Thoughts go out to him and his family, from the whole team". Miller started his professional career with Celtic before moving to United in the summer of 2004.
Alex Azar Nominated as HHS Secretary
Azar, 50, served as deputy secretary in the Department of Health and Human Services from 2005 to 2007, under George W. President Donald Trump announced his decision on Twitter Monday morning to nominate Alex Azar as U.S.
Carbon emissions on track to rise this year
Global CO2 emissions from all human activities are set to reach 41 billion tonnes (41 Gt CO2) by the end of 2017. Data from the Department of Environment and Energy shows Australia's emissions have been increasing since 2013.
Chance of rain on Tuesday
Rain chances will stay at 0% and we will still be breezy with wind coming from the north at 10-15 miles per hour . A fast-moving front brings a few showers Wednesday night and Thursday before it's back to nice weather Friday .