A major report released last month by the International Energy Agency (IEA) highlights that India will account for the largest share of energy demand growth between now and 2040 and will bypass China and this economic path comes just in time for the US' new plans and strategy in the Middle East
The Paris-based IEA cut its forecast for global oil demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.
Crude production of 9.9 million barrels per day in the US was now at the highest level in nearly 50 years, "putting it neck-and-neck with Saudi Arabia, the world's second largest crude producer after Russia," the IEA said.
World oil demand will grow more than expected this year, helping to ease a global glut despite rising production from North America and weak Opec compliance with output cuts, the International Energy Agency said on Friday.
Investment in the oil and gas industry will see a tentative recovery in 2017 after an "unprecedented contraction" in 2016 and 2015 in face of stubbornly low energy prices, the International Energy Agency said in a report.
Oil prices on Wednesday climbed for the first time in more than a week on a surprise drawdown in US crude inventories and data from the International Energy Agency (IEA) suggesting Opec cuts should create a crude deficit in the first half of 2017.
Global oil output plunged in January as Opec and non-Opec producers curbed supply to accelerate a market rebalancing following one of the largest oil gluts in a generation, the International Energy Agency said.
Iran is expected to add half a million barrels of oil supply a day within a year from its existing oilfields after the lifting of sanctions against Tehran in January, but developing new fields would take time, the head of the International Energy Agency said on Wednesday.