While OPEC in their monthly report expects to see a larger oil supply deficit in 2018, the International Energy Agency (IEA) sees the appetite and an oil market oversupplied in the first half of 2018.
The U.S. surpassed Russian Federation in 2011 to become the world's top producer of oil and gas, with a current daily output of 24 million barrels.
That will benefit the U.S.as it turns from imports to exports.
Oil will continue growing as a source of energy for over two decades, with the US set to become the undisputed leader in crude and gas production, the International Energy Agency said Tuesday.
"A remarkable ability to unlock new resources cost-effectively pushes combined United States oil and gas output to a level 50% higher than any other country has ever managed", according to the report.
"With the United States accounting for 80% of the increase in global oil supply to 2025 and maintaining near-term downward pressure on prices, the world's consumers are not yet ready to say goodbye to the era of oil", the IEA report stated.
Yemen rebels say raid destroyed Sanaa airport navigation aids
Noting that there were three weeks of vaccines left in the country, McGoldrick said "humanitarian supplies are dangerously low". World Health Organization officials say more than 8,600 people have died since fighting broke out in Yemen in March 2015.
Another milestone will be reached soon after: By the late 2020s, the US - which only lifted its ban on oil exports in 2015 - will ship more oil to foreign markets than it imports.
It's a revolution powered by one factor above all others: shale. The decline left many producers unprofitable, and tens of thousands of jobs were lost.
"Solar is forging ahead in global power markets as it becomes the cheapest source of electricity generation in many places, including China and India", IEA executive director Dr Fatih Birol avers. But analysts expect the price to not rise much further in coming months as the USA ramps up production.
The World Energy Outlook 2017, released by the International Energy Agency (IEA) in London on Tuesday, presents a base case scenario that foresees the world's growing energy needs being met first by renewables and natural gas over the coming 25 years, as "coal strikes out" and nuclear's prospects dim.
If the assumptions do hold, the US will find itself in a very rare position. The IEA noted the US shale sector's history of beating expectations; the shift to electric vehicles putting downward pressure on oil demand; and changes in estimates of recoverable shale reserves.
Oil demand is now projected to rise by 1.5 mb/d in 2017 and by 1.3 mb/d in 2018, representing annual increases of 1.6 percent and 1.3 percent, respectively.