Booming US oil production expected to meet most of world's demand

IEA Executive Director Fatih Birol, speaking at the CERAWeek by IHS Markit conference in Houston, said the U.S., Brazil, Canada and Norway will contribute to supply growth by non-OPEC nations, according to The Wall Street Journal.

The benefits from the rapid rise in shale, including decreased volatility, lower prices for consumers, and a reduction in oil imports, are encouraging.

That means demand growth of around 1.1 percent per year on average.

As a result, Canada will actually be the third largest source of non-OPEC oil supply growth in the next five years after the USA and Brazil. Exxon Mobil Corp, Chevron Corp and Royal Dutch Shell Plc have large USA shale operations and also operate in Nigeria.

In the United States, fuel-economy standards for passenger cars will curb gasoline demand with growth coming from the petrochemical sector, which is thriving thanks to low-priced ethane.

"After a strong increase in 2020, marine gasoil demand will return to its 2019 levels by the end of the forecast", the IEA said, adding that most shippers would turn to new 0.5 percent fuel offerings as they become more confident of their quality. Investment fell by 25 percent in both 2015 and 2016, and was flat past year.

Industry sentiment is indeed improving along with rising prices, but major oil companies are reluctant to invest vastly higher sums. Critically, this limited investment comes against the backdrop of sharp production declines in China, Mexico, and Venezuela.

University: Student Charged in Parents' Slayings
Davis Jr . walked upstairs to the fourth-floor of Campbell Hall, where he allegedly shot and killed his father and his mother. The university has been on lockdown since, but just after 2 p.m. authorities began shuttling students to a nearby hotel.

"Upstream investment may be inadequate to avoid a significant squeeze of the global spare capacity cushion by 2023", it said in a report released Monday. At that time, oil prices rose sharply and ultimately reached $147 per barrel in mid-2008, undermining economies worldwide.

America is on its way to becoming the largest oil producer in the world.

As the market tightens, OPEC's influence will expand and its market share will rise. That was the year that the price for oil in the US surged close to $150.

"We can not ignore the growth coming from shale", IEA Executive Director Fatih Birol told reporters at a briefing as CERAWeek kicked off.

But prices were still supported as market participants were eyeing an upcoming meeting between OPEC oil ministers and USA shale firms scheduled later Monday in Houston for the largest energy industry conference, CERAWeek.

"The numbers may differ, but in terms of the trend going forward, we are also on the same page", Barkindo said of the IEA report, adding that OPEC had a similar outlook.

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