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Global energy demand may outpace supply in future, IEA says

Nov. 12, 2014 11:30 AM ETUCO, USO, OIL-OLD, DBE, DBO, UNG, TWTI, RJN, GAZ-OLD, USL, UBN, DTO, OLO-OLD, SCO, DNO, UNL, BNO, CRUD, NAGS, ONG-OLD, DCNG, BOIL, KOLD, UGAZF, DGAZF, UWTI, DWTI, RGRE, JJE, SZOXF, OILBy: Carl Surran, SA News Editor
  • In its annual World Energy Outlook, the IEA forecasts global energy demand will increase 37% by 2040, but "the short-term picture of a well-supplied oil market should not disguise the challenges that lie ahead as reliance grows on a relatively small number of producers."
  • Crude production from U.S. shale oil fields is seen continuing to rise until the early 2020s but will then begin start to decline; replicating shale oil extraction outside of North America will prove difficult, as other new sources of oil supply are in expensive, complex and politically fraught locations, the IEA says.
  • Investment of $900B/year in upstream oil and gas development is needed by the 2030s to meet projected demand, according to the report.
  • Falling oil prices may cut investment in U.S. shale oil by 10% next year; in the Canadian oil sands - among the most expensive oil deposits in the world to exploit - an investment slowdown already is evident, and the IEA estimates ~25% of projects are at risk as prices fall.
  • ETFs: UNG, USO, OIL, DGAZ, UGAZ, UCO, BOIL, SCO, GAZ, BNO, DTO, DBO, KOLD, UNL, CRUD, NAGS, USL, UWTI, DBE, DNO, DWTI, RJN, DCNG, SZO, OLO, JJE, ONG, RGRE, OLEM, TWTI, UBN

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