The Paris-based group said it cut its demand outlook for next year by 190,000 barrels a day, and global production could vault above demand by 600,000 barrels a day in the first quarter of 2018, and by 200,000 barrels a day in the second quarter.
"Using a scenario whereby current levels of Opec [Organisation of the Petroleum Exporting Countries] production are maintained, the oil market faces a hard challenge in 1Q18 with supply expected to exceed demand by 0.6m bpd followed by another, smaller, surplus of 0.2m bpd in 2Q18".
Reducing the use of fossil fuels is a key demand from activists and many governments taking part in the global climate talks in Bonn, Germany, this week.
The International Energy Agency said the oil industry's hopes for a higher, stable crude prices trading between $50 to $60 a barrel could be dashed soon if the supply disruptions and geopolitical tensions pushing prices upward prove temporary.
Oil-dependent Venezuela's crude output dipped last month below 2 million barrels per day, its lowest level in almost three decades, global producer group Opec said on Monday.
"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; already a net exporter of gas, the USA becomes a net exporter of oil in the late 2020s", the IEA said in its 2017 world energy report.
The U.S. shale surge could also mean an era of lower-for-longer oil prices. However, this is expected to cut only 2.5 million barrels per day (bpd), or about two per cent, off global oil demand by that time.
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.
However, even rapid growth in the electric vehicle fleet would be unlikely to have a substantial impact on oil consumption for passenger transport until the mid-2020s, it said.
"Next year's demand growth will struggle to match this", the IEA said.
Between 2017 and 2040 the IEA estimates that more solar power capacity will be added globally each year than any other source of energy, with an annual average increase of almost 70 gigawatts.
With big gains forecast in its output of shale oil, the United States is expected to become a net oil exporter by the mid-2020s, the IEA said, adding that the USA will account for 80 per cent of the increase in the global oil supply to 2025, which will maintain near-term downward pressure on prices.
Religious bias motivated 1,538 hate crimes previous year - over half against Jews, and about one-quarter against Muslims. It is crucial to note, however, while this is the most comprehensive report of hate crimes, it is still incomplete.
The planets will appear in conjunction in the south-east, just above the horizon, and may appear to look like one bright star. Jupiter will pass Venus in a low but close and spectacular conjunction on early Monday morning, media reports said.
LeBron panned the camera next to a random guy sitting next to him who did not want to be any part of the NBA All-Star's video. LeBron James narrated most of the video, confirming it was his first time taking the subway in NY and second time overall.
About 150 children were in the building and the cause of the stairwell collapse was still unclear, authorities said. The training facility specializes in parkour training which is based on military obstacle courses.
Kardashian shared on Instagram that she was giving crystals as party favours, as well as fragrances from her new perfume line. Kim shared tons of videos and photos from her shower, which is unusual since fans would expect Kylie to do the same.
Abioloa Busari, a junior at University of North Texas hosted the homecoming party and lives in the unit that collapsed. Denton police tell NBC 5 that they never received any 911 calls to complain about the noise before the collapse.
Ardern has a one-on-one meeting scheduled with Trudeau at the East Asia Summit in Manila, in the Philippines, starting on Sunday. The Trudeau government had previously never fully committed to the TPP, and spent months consulting the public on the agreement.
If you want to know more about Windows Mixed Reality headsets , check out VRFocus' guide on the devices . There will also be a variety of deals on Xbox One bundles, games, subscriptions and accessories.
The University of Tehran has reported at least four aftershocks, the biggest of which was magnitude-4.6. Tremors could be felt as far away as in the UAE after a 7.3 magnitude quake struck Northern Iraq.
If the deal were to go through, it would bring the two largest toy companies in the USA and their vast catalog of brands together. That deal would have given Hasbro a direct pipeline into Hollywood, with more movies and TV shows tied to its toy brands.