Oil market could tip out of balance on rising non-Opec production

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"Oil is already facing stiff competition from ever-cheaper and more environmentally friendly energy sources as traditional fossil fuel users switch to cleaner, low-carbon alternatives", IEA said in its World Energy Outlook 2018.

The IEA also today released its latest World Energy Outlook, in which it said global oil demand will fall modestly due to the rise in electric cars.

The effort, which started in January, is credited with pulling the price of oil back from the sub-$30 per barrel range last year to two-year highs in recent sessions.

If planned pipeline projects come to fruition, the United States and Canada combined could export more than 700,000 bpd to China by 2040 - a drop in the barrel in the country's 15.5 million bpd demand.

Recent gains in crude oil values, which have put prices at plus $60/bbl, may not last if the factors driving price rises - namely, geopolitical tensions in the Middle East - prove to be temporary, the International Energy Agency (IEA) said on Tuesday.

Both benchmarks early in the previous week hit highs last seen in 2015, but traders said the market had lost some momentum since then.

In Abu Dhabi on Monday, the UAE Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei, said that oil producers were expected to unanimously extend a production cut accord later this month, but its duration was still under discussion.

Martellus Bennett's former Packers teammate throws him under the bus
This season, Kendricks has caught eight passes for 126 yards and one touchdown and Rodgers has caught four passes for 43 yards. During the Packers' bye week, Bennett posted on Instagram that he was "pretty sure" he would retire at the end of the season.

"Many commentators say we are writing the obituary for oil demand". The IEA estimates that there will be 50 million electric vehicles on the road by 2025 and 300 million by 2040, from closer to 2 million now.

Oil prices held largely steady on Tuesday as the prospect of further rises in U.S. output offset some of the optimism that OPEC-led production cuts would tighten the balance between crude supply and demand.

"None of its core scenarios for the future of energy provide a reasonable chance that the world will avoid climate catastrophe", said Adam Scott, senior advisor at Oil Change International.

Moreover, the revision for 2018, while "not very large" on average for the full year, came mostly on the back of lower-than-expected demand in the fourth quarter, which would come 311,000 bbl/day lower.

Chris Watling, CEO and chief market strategist at Longview Economics, was quoted as saying that the adoption of EVs could lead to global peak oil demand as soon as 2023, which will result in oil prices crashing to $10.

Global energy needs will rise more slowly than in the past but still expand by 30 per cent between today and 2040, the equivalent of adding another China and India.

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