Global oil demand rose by 1.5 million barrels a day in 2017, growing at 1.6 per cent, more than twice the average annual growth rate seen in a decade, International Energy Agency (IEA) said in its report.
A recent International Energy Agency report has said the US will account for most of the world’s growth in oil supply in coming years.
The United States Will Dominate The Oil Industry For The Next 5 Years, International Energy Agency Forecasts
Oil demand will keep expanding over the next five years, and the United States will fulfill most of the world’s growing appetite, the International Energy Agency said on Monday.
The oil industry needs to quickly step up investment to meet rising demand as the booming US shale sector will only be able to quench the global thirst for crude for the next two years, the International Energy Agency said today.
The United States are set to overtake Saudi Arabia as the world’s number two oil producer this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said today.
India’s coal use is set to continue to rise on improved power demand and lower capacity utilization of power plants, according to the International Energy Agency (IEA).
India’s thermal coal demand is poised to fall, belying hopes of exporters from Australia and US who eyed the country as a long-term growth market.
Recently, the International Energy Agency (IEA) has acknowledged India would be the fastest growing energy consumer and market till 2040.
India became the third largest country for energy investment in 2016 only behind China and the United States of America, an International Energy Agency’s report pointed out.
The World Coal Association (WCA) has welcomed the International Energy Agency’s (IEA) declaration that coal will continue to play a vital role in the global energy mix.