India takes centre stage in energy economy, to drive demand growth: IEA

Four pumpjacks are silhouetted as they operate at the site of an oil well outside Williston North Dakota on Feb. 12 2015

The U.S. resurgence in oil and gas production, deep declines in the cost of renewables and growing electrification are changing the face of the global energy system and upending traditional ways of meeting energy demand, the IEA said Tuesday.

The West Texas Intermediate for December delivery was down 0.37 US dollar to settle at 55.33 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.34 dollar to close at 61.87 dollars a barrel on the London ICE Futures Exchange.

The IEA's outlook pressures OPEC to keep restraining output in order to defend crude prices, which its members rely on for revenue.

The IEA on Tuesday cut its oil demand growth forecast by 100,000 barrels a day for this year and next, to an estimated 1.5-million barrels a day in 2017 and 1.3-million barrels a day in 2018.

"The oil market faces a hard challenge in Q1 2018 with supply expected to exceed demand by 600,000 bpd followed by another, smaller surplus of 200,000 bpd in Q2 2018", the agency said.

In 2025, global oil demand is expected to increase by 7 percent and reach 100.3 million barrels per day, which is 2.1 barrels more than forecast past year.

U.S. crude oil and product stockpiles were mostly higher last week against a back drop of rising domestic production and net imports.

Greg McKenna of futures brokerage AxiTrader said prices were dragged down as "current demand will fall and longer term the growth of USA oil production will eclipse anything we've seen before - including the Saudis and Russians".

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This sentiment comes in part on the back of rising US oil output, which has grown by more than 14 percent since mid-2016 to a record 9.62 million bpd.

The API estimate are followed by official data from the Energy Information Administration on Wednesday.

US crude oil production C-OUT-T-EIA has jumped more than 14 percent since mid-2016 to 9.65 million bpd and is expected to grow further.

As welcome as these projections are for the United States oil and gas industry, they should be taken with a grain of salt, as renewable energy sources like solar continue to get more affordable.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.5 million barrels, EIA said.

Oil rallied above $57 a barrel to a two-year high last week on escalating tensions in the Middle East and amid signals of a potential extension of supply curbs by the Organization of Petroleum Exporting Countries and its allies.

Meanwhile, the the Organization of Petroleum Exporting Countries has yet to show it has convinced Russian Federation, one of its partners in the deal, that a decision to prolong output cuts is needed when the group meets in Vienna this month.

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