In a Green Paper, Towards a European Strategy for the Security of Energy Supply, in 2000 the IEA
warned that if Russia and the former Soviet republics were called upon to supply the growing markets in east Asia, EU countries could face significant competition and increased prices.
In this report, IEA
took into account the International Monetary Fund's recent downgrading of the economic outlook: it reduced by 0.1 percentage points for both 2019 and 2020; its forecast for global GDP growth to 3.2 per cent and 3.5 per cent, respectively.
chalks up the slowdown to forecasts for weaker economic growth, a return to average weather conditions and diminishing opportunities to switch from coal to gas in electric power plants.
'(Investment in coal plants) was still higher than the levels projected in IEA
scenarios, with the largest differences found in Asia, particularly in China, India, and Southeast Asia,' the group added.
's forecast came just a few weeks after the US exported a record 3.6mbpd, emerging as a major global exporter of petroleum products including refined fuels.
suggests: "OPEC producers will be squeezed by US shale until the mid-2020s, and OPEC's loss of market power to what was once its biggest customer will continue until the middle of the next decade as US shale oil thrives."
Overall, global supply fell by 1.4 mbd to 99.7 mbd in January, according to the IEA
, which said cuts imposed by authorities in the province of Alberta in Canada, which is not party to the Vienna Agreement, also contributed to the reduction.
As for the demand, IEA
believes that there is a mixed picture.
family of companies provides complete engineering, procurement and construction services throughout North America.
M2 EQUITYBITES-May 10, 2018-FMI Advises IEA
Services in Merger with M III Acquisition
He accused the IEA
of over-stating the role of shale oil and gas in a global market, saying: "We should not be scared.