Indeed, the IEA also suggests that demand for oil will remain supported by lower prices, going forward.
Oil prices held largely steady on Tuesday as the prospect of further rises in United States output offset some of the optimism that OPEC-led production cuts would tighten the balance between crude supply and demand.
"The oil market should be able to find a longer-term equilibrium, with the oil price in a range of $50-70 a barrel", the agency said. And the IEA expects non-OPEC countries to boost output by 1.4 million barrels a day next year, doubling this year's production growth.
Global oil supply rose by 100,000 bpd in October to 97.5m bpd on higher production from non-Opec countries, and non-Opec oil supply is expected to rise by 700,000 bpd this year and 1.4m bpd next year, led by stronger output in the US. But the oil market isn't tightening as quickly as once anticipated, the IEA said in its monthly oil-market report. This latest move comes as investors expect figures to show U.S. oil production has risen.
"I think this group of committed and responsible producers came together. and I think they will continue to do what it takes to take us to the next level", he said at an global oil conference. Venezuela depends on oil for more than 95 percent of hard currency export revenues, fuelling both social welfare programs and payment on some $60 billion of outstanding bonds.
The IEA estimates that there will be 50 million electric vehicles (EVs) on the road by 2025 and 300 million by 2040, from closer to 2 million now. The figure was even lower based on secondary sources rather than what the government reports, at 1.863 million bpd in October, according to Opec.
Woman techie set ablaze by spurned youth in Chennai
He forced the girl and her family members to open the door by threatening them of committing suicide by setting himself on fire. Police said they detained the suspect, 23-year-old Akash, who was pursuing Induja against her wishes for almost a month.
A study by Bank of America Merrill Lynch forecasts that pure electric vehicles would achieve a global penetration of 12 per cent in 2025, 34 per cent by 2030 and 90 per cent by 2050.
It argues that fuel efficiency and rising electrification will bring a peak in oil used for passenger vehicles, even with a doubling of the auto fleet to 2 billion vehicles by 2040.
After an upbeat performance last week, oil prices edged lower for a second day Tuesday.
Analysts also noted that oil prices were being pressured by a global commodities selloff, led by base metals like nickel and copper, due to weaker-than-expected economic data from China.
Global demand is forecast to be 30 percent higher by 2040, but still half as much as it would be without efficiency improvements.
He now oversees editing of the Superman and Green Lantern titles, as well as the current Dark Nights: Metal event. The firing comes after another BuzzFeed News report first detailed the allegations from two former DC employees.
Fox 21 and Hulu are partnering for a new television series based on IO Interactive's Hitman video game series. Kolstad was the man behind the original John Wick screenplay and a planned third movie in the hit franchise.
Surrounding by controversies, the movie is yet to see proper promotion and Shahid wants audiences to give the movie a chance. Kapoor, who plays Maharawal Ratan Singh in the film, said to The Hindu , "I've been saying this since a long time".
It may have been why the company has been so reluctant to tap into the movie market with its properties since. Let's all hope (and pray) that Nintendo, together with Illumination Entertainment , can pull this off.
More than 600 refugees and asylum seekers have barricaded themselves inside the mothballed detention center on the island. One of Malcolm Turnbull's Ministers Matt Canavan has described it as a publicity stunt by Jacinda Ardern .
The new guidelines eliminate the prehypertension category. "Rather, it brings to light the need to make lifestyle changes". In terms of lives, the change translates to a 14% increases in the number of adults classified with high blood pressure.
He was trying to come up with a new sweet for a number of years before he came up with it , As Reported By Hindustan Times . Kolkata: A view of different varieties of "rosogollas" - a spongy, syrupy sweet at a sweet shop in Kolkata on Nov 14, 2017.
It said the priorities in the Community Education and Training (CET) sector, TVET colleges and universities needed to be balanced. On Monday, the Presidency announced it would release the highly anticipated report .
The 31-year-old added that she's humbled to be in the company of the famous women in Barbie's Shero line. Ibtihaj Muhammad made history in Rio previous year as the first U.S.
EgyptAir Signs Deal With Bombardier
If the Egyptian airline buys all 24 aircraft the value of the contract could soar to almost $2.2 billion. The CS300 is the larger version of Bombardier's C Series aircraft.
Twitter reacts to Patriots' rout of Broncos
Osweiler's touchdown pass was caught by Demaryius Thomas , whose seven-yard catch trimmed the margin to 27-16. New England won for the sixth time in that span. "He goes over assignments over and over again", Joseph said.
A special counsel to investigate Clintons?
Trump is frustrated with the continuing investigations into Russia's election meddling and possible ties to his campaign. Since Mueller's probe began, numerous Trump advisors have acknowledged interactions with Russian intermediaries.
Launch of Idaho's first satellite postponed
This interagency effort (JPSS) is the latest generation of US polar-orbiting, non-geosynchronous environmental satellites. NASA develops and builds the instruments, spacecraft and ground system and launches the satellites for NOAA.
Toll in Iran-Iraq quake rises to 530
The epicenter of the quake was recorded near Ezgeleh, Iran, about 135 miles northeast of Baghdad in Iraq . Iran's Kermanshah province, where most of the damage occurred, is home to both Shia and Sunni Muslims.
Google Assistant Can Now Act as an Intercom
Starting today, you can broadcast your voice from your Assistant on your phone or voice-activated speaker, like Google Home . The update is rolling out to users in the U.S., Australia, Canada, and the United Kingdom with Homes set to English.